Iran to set up energy hubs on three Gulf islands

petrochemical1Iran has announced plans to establish three energy hubs on the Gulf islands of Lavan, Qeshm and Siri

 

According to Mahmoud Zirakchianzadeh, managing director of the National Iranian Offshore Oil Company (NIOOC), about US$70bn will be invested in the country's upstream sector of the oil industry, with the NIOOC planning to turn Lavan Island into a petrochemical hub.

Zirakchianzadeh said some 8.5mn cubic metres of natural gas will be fed into the Lavan Island for it to produce and directly export petrochemical products. He added that some US$12bn and US$16bn in investment were respectively needed for the development of Lavan’s upstream industry and petrochemical sector.

The NIOOC official said that Qeshm Island has also been designated as a hub for generating electricity from gas.

Zirakchianzadeh added, "Iran’s Power Plant Projects Management Company (MAPNA) will generate electricity from the natural gas fields of Qeshm by constructing a power plant on the island.

"The project requires some US$10.5bn of investment in the upstream industries and more than US$9.2bn for the production of 6,000MW of electricity.

"Siri Island will become Iran’s gas export hub. Around US$14bn of investment is needed for the development of the three gas fields of Foruz-A and -B and Binaloud in the island," he added.

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