Iran is mulling the construction of a big oil terminal with an estimated investment of $2.5 billion in the port city of Jask off the Sea of Oman, said a report.

The construction of the oil terminal involves storage tanks, loading and unloading wharves, single-point moorings (SPM) as well as onshore and offshore facilities, Pirouz Mousavi, managing director of the Iranian Oil Terminals Company (IOTC), was quoted as saying in a Press TV report.

The country’s private sectors as well as foreign companies are likely to be invited to contribute to this project, he said.

The three SPMs will be constructed in this terminal, adding that state-of-the-art technology will be applied to the storage tanks, the report quoted Mousawi.

He explained that pipelines are to be laid out to deliver oil from Neka oil terminal near the Caspian Sea and also from oil-rich regions in southern Iran to Jask Port before being exported, pointing out the shortening of the distance for oil delivery.