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Qeshm Free Trade Organization Backs Petchem Investment: CEO

(Wednesday, October 10, 2018) 19:05

TEHRAN (NIPNA) – The CEO of Qeshm Free Trade Organization voiced his support for petrochemical investors on the island.

Speaking to NIPNA, Hamid Reza Momeni, director of the Qeshm Free Zone Organization, underlined the role of petrochemicals in the development of the region, saying: "The Qeshm Free Zone master plan is being finalized with the help of a Japanese company and its first phase is complete and its second phase will hopefully be finalized within the next 6 months.”

He continued: "The problem of feedstock supply to petrochemicals has been addressed with the help of the National Petrochemical Company (NPC), and Qeshm Free Zone is ready for any cooperation and interaction in the process of facilitating the construction of petrochemical projects.”

 Construction projects of 5 petrochemical projects will soon begin on Qeshm Island, southern Iran.

 The projects include the GTPP Petromofid projects which will produce 1,650,000 tons of methanol, 465,000 tons of propylene, 450,000 tons of polypropylene, 20,000 tons of ethylene, 178,000 tons of gasoline pyrolysis, and 36,000 tons of Liquefied Petroleum Gas (LPG) annually and will be developed with an estimated initial investment of about $727 million and Rls 20,000 billion.

 The other one is the GTX project of Kaveh Methane Qeshm which will produce items such as polypropylene with a capacity of 300,000 tons, 107,000 tons of petrol pyrolysis, 22,000 metric tons of methane, one million tons of methanol, 300,000 tons of propylene, and 100,000 tons of formalin annually. The project will be built with a preliminary investment of $875 million and Rls. 12,000 billion.

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(Wednesday, October 10, 2018) 19:05

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