PEDEC Signs Deal with Domestic Firm to Build Oil Storage Facility : A unit of the National Iranian Oil Co. (NIOC) signed a deal with a local firm on Sunday to build a crude oil storage facility near Iran’s southeastern port of Jask with an initial investment of 200 million euros ($232 million).
State-run NIOC’s subsidiary Petroleum Engineering and Development Co. (PEDEC) signed the agreement with Petro Omid Asia Co. to build the facility with a total capacity of 10 million barrels on a build-operate-transfer (BOT) basis in Jask, which is located on the Gulf of Oman coast.
According to the NIOC news portal, Ali Kardor, CEO of the state-owned company, and Gholamreza Manouchehri, deputy for development and engineering at NIOC, and the first deputy oil minister, Marzieh Shahdaei were present at the signing ceremony in Tehran.
“The storage tanks are planned to hold 10 million barrels in the first phase, which could increase up to 30 million later,” Kardor said, adding that the plan calls for laying 1,000 kilometers of a 42-inch pipeline from the city of Goureh (Bushehr Province) to the port of Jask.
Omid Investment Management Group Co. also signed the deal, under which construction should be completed within three years. Source: Euronews
About PEDEC: Petroleum Engineering and Development Company (PEDEC) was established in 1994 aiming at supervising the engineering and development of projects by planning, engineering, constructing, and implementing giant oil and gas projects at National Iranian Oil Company (NIOC). PEDEC, as the development arm of NIOC, studies and operates development projects to explore, extract, and produce crude oil, natural gas, and other solid and liquid hydrocarbors (save for coal) to meet NIOC’s requirements, improve upstream technology, and make the most of local sources in implementation of projects. Presently, PEDEC enjoys about 500 well-experienced technicians and capable managers.