Page 39 - IRANRptAug21

another year by collecting everyone's FX and gold by issuing "oil shares" that would be redeemed in three years.
The same plan was put forward in 2012 under the Ahmadinejad administration when sanctions against Iran's oil industry began to be enforced. But it was never put into action.
There has to be serious doubt that enough citizens would risk their hard currency and gold savings in oil transaction investments given the deep uncertainties facing the Iranian oil industry in the years ahead.
9.0 Industry & Sectors 9.1 Sector news
9.1.1 Oil & gas sector news
Zanganeh outlines stages of pipeline completion
Iran steals march on Gulf oil export rivals with opening of terminal south of
Outgoing Iranian Minister of Petroleum Bijan Zanganeh said last week that the country’s new Goreh-Jask pipeline will reach full design capacity of 1mn barrels per day (bpd) by the end of the current Iranian calendar year in March 2022.
Speaking during a ceremony to mark the launch of the strategic conduit, Zanganeh said that having launched at 300,000 bpd, capacity would increase to 400,000 bpd by October, 500,000 bpd by December and 750,000 bpd by January 2022, reaching full throughput capacity of 1mn bpd by March.
He added that the line had been completed in compliance with all national and international standards and called it a “unique manifestation of smashing the sanctions and relying on domestic capabilities”.
Work is ongoing to expand capacity for Phase 2, with crude flows fed from fields in the prolific West Karoun cluster in south-west Iran’s Khuzestan Province. The pipeline connects the Goreh oil terminal to Jask, with crude flows from West Karoun entering the system at the Omidieh pumping station. The 1,000-km pipeline is part of the wider, Goreh-Jask Crude Oil Transfer Project, which cost a total of $2bn and includes the new Jask Oil Terminal (JOT), which began loading crude from its strategic location outside the Strait of Hormuz last week.
A cargo of 300,000 barrels of heavy crude was loaded on to an Aframax vessel, though the buyer and destination of the shipment were not disclosed. With Jask expected to ease reliance on the Kharg Island terminal, through which around 90% of the country’s exports currently flow, Zanganeh outlined plans for the further development of the Makran region where Jask is located. “The permits to implement three refinery projects with a capacity of 900,000 barrels [per day] of crude oil in this region have been issued and these plants are being built. Furthermore, a BOT project to build 10mn barrel crude oil storage tanks with an investment of more than $230mn by the private sector is under way in the region.”
There are also plans in place to expand oil storage capacity to 30mn barrels.
Iran has stolen a march on its Persian Gulf oil export rivals with the opening of a new oil terminal that lies south of the Strait of Hormuz. Arab countries such as Saudi Arabia, the UAE and Kuwait that ship oil via the Gulf must still send their tankers through the narrow strait—which can very
39 IRAN Country Report August 2021 www.intellinews.com