Iran’s Bank Tejarat wins contract for major fuel pipeline
Iran’s Bank Tejarat has committed to providing finances required for a major fuel pipeline project in the country’s south as part of a contract signed with the Iranian Oil Ministry.
Oil Ministry’s news service Shana said in a Sunday report that the contract on financing the Pars Fuel Pipeline had been signed earlier in the day between the ministry’s fuel department (NIORDC) chief Jalil Salari and CEO of Bank Tejarat Hadi Akhlaghi.
The pipeline is aimed at easing a potential fuel shortage in Shiraz, the largest city in southern Iran. It will carry fuel from pumping stations in Mehraran located near the Persian Gulf Star Refinery via storage houses in Fasa to Shiraz over a distance of more than 400 kilometers.
The 14-inch pipeline will be capable of transferring 73,000 barrels (12 million liters) per day of fuel, said the report by Sahana, adding that works on the project will kick off at the start of the next calendar year in late March and will continue for four years.
Pars is the second major fuel pipeline project awarded by the NIORDC this year. In January, Iran’s Bank Mellat won a contract for Tabesh pipeline, a 948-kilomter project that is aimed at transferring 24 million liters (150,000 barrels) per day of fuel from major refineries near the Persian Gulf to consumption centers in Iran’s east.
There was no information about the investment needed to finish the Pars Fuel Pipeline although estimates suggest it could cost more than $200 million.
The project was awarded on Sunday in the presence of Iranian ministers of oil and finance, said Shana, adding that Iranian government will also contribute to funds needed for the project.
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