Addressing a specialized congress on investment opportunities in Qeshm Free Trade Zone in the field of oil, gas and petrochemicals on Monday, Shahram Rezaei said an average of $2 billion of petrochemicals and polymer products is imported to Iran annually which could be cut in half provided that propylene production increased in the country.

The investment director of the National Petrochemical Company, referring to the global movement of oil and gas-rich countries to complete the value chains of ethylene, propylene and polypropylene, stated: “The National Petrochemical Company has also taken serious steps to increase propylene production.”

He said Qeshm Island, besides Assaluyeh and Mahshahr, as the current petrochemical hubs in the country, is one of the areas that have a high potential to become another hub for production of petrochemicals, adding: “Water circulation on the shores of Qeshm Island is such that dredging is not needed in the jetties which practically minimizes the cost of berthing of giant vessels.”

Mr. Rezaei further announced issuance of permits for building 5 petrochemical plants to complete the methanol value chain in Qeshm.