Qeshm Island to Attract Petrochem Interest

Wednesday, November 21, 2018 - 11:05

Four plants with 6-million-ton annual production will be run in Qeshm, the largest island in the Persian Gulf.

During the 2018 Qeshm Oil and Energy Investment Opportunities conference, former chief executive officer of the National Petrochemical Company, Reza Norouz-Zadeh stated that "The venture estimated to cost $7 billion is financed by an (unnamed) foreign investor,” Financial Tribunes reports.

The specialized summit on presenting Qeshm’s Investment Opportunities in Oil and Energy Sectors has been held in Parsian Evin Hotel in Tehran on November 19, 2018.

Speaking to Shana, Ali Mohammad Bossaghzadeh, the director in charge of projects at the National Petrochemical Company (NPC), said some 30 projects in the petrochemical sector are currently under construction throughout the country with the aim of completing the petrochemical value-chain.

More than half of the projects are based near the southern strategic port of Chabahar near the Sea of Oman and on Qeshm Island in the Persian Gulf.

“Completion of the petrochemical value-chain is one of the main policies of the National Petrochemical Company, and this issue has become more prominent in recent years,” the official said.

The development of such projects are vital for fulfilling Iran's desire to expand the petrochemical industry.

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