TEHRAN – Head of Iran's Qeshm Free Trade Zone, Hamid-Reza Mo’meni said the island’s first fuel storage facility with the capacity of 3.2 million barrels will be launched by the next 20 days, IRIB reported on Tuesday.

Speaking on the sidelines of the second specialized conference on introducing Qeshm investment opportunities in the fields of oil, gas, and petrochemicals, the official said the capacity of this facility could be increased to six million barrels in the next phase and up to 20 million in its third phase.

Noting that this facility can be used for supply fuel to the country’s shipping fleet, Mo’meni said with a capacity of 52,000 tons, the fuel-supply unit of the facility is currently operational.

Noting that there are 17 hydrocarbon fields in and around Qeshm Island, the official said, "These fields hold significant reserves which can help feed the petrochemical and refinery units."

Mo’meni also announced the launch of two docks, one with 70,000 tons and the other with 35,000 tons capacity, in Qeshm Free Zone within the next five months.

“Construction of five petrochemical complexes and four refineries on the island is also on the agenda for the upcoming Iranian calendar year of 1399 (starts on March 19),” the official said.

According to organizers, the second specialized conference on introducing Qeshm investment opportunities in the fields of oil, gas, and petrochemicals, focuses on presenting solutions for financing energy projects in the sanctions era, as well as reviewing the challenges in the way of implementing such projects in Qeshm Free Zone.

At this year’s conference, officials, executives, and experts from all over the country discuss and explore issues pertaining to the development of the island with a focus on the oil, gas and petrochemical industries, their challenges, and opportunities, as well as ways to finance projects in the sanctions era.

EF/MA