Iran is building an onshore oil pipeline worth US$1.8 billion to a terminal just outside the Strait of Hormuz, the most critical oil chokepoint in the world, Iran’s Oil Minister Bijan Zangeneh said . As much as US$700 million of the investment will go to develop the port terminal at Jask, which sits just east of the Strait of Hormuz , the most important oil shipping corridor in the world, which Iran has threatened to close since the U.S. pulled out of the nuclear deal and re-imposed sanctions on Iran’s oil exports. The project will transform the region, as various oil storage facilities, export jetties, wave breakers, and single buoy mooring systems would be built in Jask, Iran’s oil ministry’s news service Shana reported. Apart from the port development, the region of Jask will also host two refineries and petrochemical facilities, according to Zangeneh’s plan. The first commodity to […]