(MENAFN) China and Iran have agreed to jointly build an oil terminal in the Persian Gulf, according to latest data from China's People's Daily Online.
The oil terminal will be built on Qeshm Island in the southern part of the Persian Gulf and will turn the island into a major center for oil production and storage.
The USD550 million contract was signed by Iran's Machine Making Co. and China's largest heavy industry enterprise, and it's set to give their relations a great boost.
In more detail, the oil terminal will eventually be large enough to handle tankers up to 140 meters deep and store a projected 30 million barrels of crude.
Moreover, with the completion of the first stage of the joint project, Qeshm Island will be able to store 10 million barrels of light, heavy and ultra-heavy crude.
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