According to Bandar Abbas Oil Refinery, the tanks are being built with the aim of increasing the storage capacity of petroleum products at the refinery.

The CEO of Bandar Abbas Oil Refining Company said: "These tanks include two floating roof tanks for petrol and four fixed roof tanks for gasoil, each with a storage capacity of 250,000 barrels."

Hashem Namvar added: "By building new storage tanks, the total storage capacity of Bandar Abbas Oil Refinery will increase by 1.5 million barrels and in addition to increasing the storage volume for 10 days, the tanks will reduce the risk of operations and ensure continued production process."

He pointed out that the project would reach fruition in 18 months with IRR 2,200 billion and €802 million of investment.

Mr. Namvar further argued that increased petrol and gasoil storage capacity in the refinery, reduced risk of production and storage operations, increased production capacity in accordance with the company's strategic plan, tapping all the existing technical capacities of the plant and increasing efficiency of transmission and storage system of the refinery were among the goals sought by building the tanks.

Namvar said that all the technical engineering measures to be taken in the project were to be carried out by the company's engineers and experts, adding that the project entail carrying out 100,000 tons of embankment and excavation, 65 km of power cables and instruments, laying 25 km of pipelines, establishment of a TGS system for all the tanks, installation and commissioning of 6 centrifugal pumps, implementation of cooling and fire-fighting systems and the use of 5,000 tons of tank construction sheets.

He further said that 300 jobs were created by implementing the project for the local forces.