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Petchem Opportunities up for Grabs in Qeshm Island

(Wednesday, October 10, 2018) 18:54

TEHRAN (NIPNA) -- The CEO of the National Petrochemical Company (NPC) said Qeshm Island was a good place to attract investment and develop petrochemical projects due to the existence of favorable infrastructure in the island.

Speaking to NIPNA, Reza Norouzzadeh, who is also deputy petroleum minister for petrochemical affairs, said Qeshm Free Zone was one of the free zones of the country that had been developed for tourism, trade and industry given its strategic situation and location in the Persian Gulf, as well as the existence of vast oil and gas reserves, adding petrochemical projects could be expanded in the island.

 He added that Iran, as an oil-rich country, should move towards the completion of the value-chain of the petrochemical industry and supplying end-used items.

 Touching on the development of petrochemical industries in the island, Norouzzadeh continued: “Petrochemicals can be a source of revenues for the country, and the development of the petrochemical industry will also be effective in providing domestic demand while bolstering exports.”

 The official said a foreign investing group along with several Iranian partners were investing $7 billion in one of the petrochemical projects that was supposed to produce methanol in its first phase, and then completion of the item’s production value-chain in further phases.

 Moreover, several Iranian companies have acquired permits for building projects for converting gas to polypropylene and final products in the island.

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(Wednesday, October 10, 2018) 18:54

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