Financial Tribune - Construction of a 1,100km 42-inch diameter pipeline to transfer crude oil to the southeastern port of Jask in Hormozgan Province is going ahead as planned, managing director of the Petroleum Engineering and Development Co. said Tuesday.

"The pipeline is being laid to supply a million barrels of oil from Goureh Oil Terminal in the northwest of Bushehr Province to the west of Jask region off the Sea of Oman," Touraj Dehghani was quoted as saying by ISNA.

Estimated cost of the project is $2 billion and it is expected to be completed in 2021.

In addition to laying the extended pipeline, the project includes building 20 crude oil storage facilities, pumping stations and an oil export terminal.