January 30, 2012 [Individual.com] - The private sector will participate in building 14 oil storage tanks with the capacity of holding 10 million barrels of oil in the Iranian port city of Ganaveh, the Islamic Republic News Agency (IRNA) quoted an official as saying. 

The initial investment to build the storage tanks is estimated at 3.3 trillion rials (about $270 million), Seyyed Pirouz Mousavi, the Iranian Oil Terminals Company's (NIOTC) managing director said. After its completion, the tanks will increase Iran's crude oil storage capacity to 38 million barrels.