TEHRAN (Press TV) -- Iran has decided to build strategic reserves for 30 million barrels of oil as a buffer against the impact of sanctions, the CEO of the Iranian company in charge of the project says.
Under the plan, 60 strategic petroleum reserves (SPRs), each with a capacity to store 500,000 barrels, will be built on the Qeshm island in the Persian Gulf, Panahsaz Iran Engineering Co’s Gholamreza Zenalpour told IRNA news agency.