Iran this week awarded a $230mn contract for development of oil storage tanks at its planned Jask export terminal outside the Strait of Hormuz.

The $2.2bn project’s strategic rationale is sound and President Hassan Rohani is keen for completion by the end of his second term, but with the country in economic meltdown is it viable?

State-owned Petroleum Engineering and Development Co. (Pedec) – a subsidiary of the National Iranian Oil Co. (NIOC) – signed the deal with...