Iraninfo-icon has started loading crude from a new oilinfo-icon export terminal built just outside the Strait of Hormuzinfo-icon, a key waterway which accommodates a fifth of the global oil supply.

Iranian Oil Ministry authorities said on Monday that crude had finally reached the Jask port on the Sea of Omaninfo-icon after traveling some 1,000 kilometers from Iran's oil pumping facilities in Persian Gulfinfo-icon's westernmost region of Goureh through a newly-built pipeline that stretches around the Strait.

Iranian President Hassan Rouhani is scheduled to formally announce the rollout of the Goureh-Jask Pipeline on July 22, according to recent statements by the National Iranian Oil Company (NIOC).

However, authorities in Petroleum Engineering and Development Company (PEDEC), a subsidiary of the NIOC, said on Monday that crude had started to be loaded to a tanker parked six kilometers off Jask in the runup to inauguration.

PEDEC's CEO Touraj Dehghani said that a first phase of the Goureh-Jask Pipeline project will enable Iran to export 300,000 barrels per day (bpd) of crude from the new export facilities in the region.

The project, which has cost $2 billion in nominal government investment over the past two years, will reach 1 million bpd of capacity once it is fully ready in October.

Dehghani said some six million bpd of crude should always be available throughout the Goureh-Jask Pipeline to ensure sufficient supplies reach storage facilities in Jask.

Iran hopes the new terminal in Jask will allow increased exports of crude once it is relieved of USinfo-icon sanctions on its oil sales.

The strategic Pipeline will create a secure route for delivering crude to foreign customers just outside of the Strait where tankers have been subject to attacks and sabotage in recent years.