A $550 million contract with a Chinese partner envisions the construction of a new oil loading terminal in the Persian Gulf, Iranian media reported. The semi-official Fars News Agency reports a contract was signed between an Iranian machine company and an undisclosed Chinese counterpart to build an oil terminal on an island in the Strait of Hormuz. “The oil terminal will be built in 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 report read. Fars reported the terminal would be able to store as much as 30 million barrels of oil and generate up to $300 million in annual revenue under […]