Water heater placement

Is there any code prohibition that speaks against locating an electric hot water heater close to heating oil tanks?
I have an oil fired hot water heater in the mechanical room at one end of my basement and would like to place an electric water heater below the middle of the house (about 100 ft from the oil fired water heater,) nearer to guest rooms to make sure that when we have guests we don't run out of hot water for them. I have a Ford gravity aided recirculating loop and plan to set the thermostat on the electric heater below the temperature of the water supplied by the oil fired heater so the electric heater should not be active unless we have a high demand for hot water.
My concern about location is because I have 3, 330 gallon oil tanks right next to where I'd like to locate the electric water heater.

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
Add image file

HomeOwnersHub.com is a website for homeowners and building and maintenance pros. It is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.