Iran to launch first energy island - report
Iran plans to construct several gas refineries and petrochemical complexes on Qeshm Island in order to turn it into the first energy island.
Due to the strategic location of the Hormoz Strait, the Iranian oil ministry plans to build a new energy hub in the region, the Mehr news agency reported.
Qeshm Island holds over four billion barrels of oil deposits and 10 trillion cubic feet of natural gas.
Iran is currently developing 16 new oil and gas fields in the Persian Gulf.
The nation also plans to accelerate the development plans of its joint oil and gas fields in the Persian Gulf.
Member of Iran's Parliament (Majlis), Mohammad Saeed Ansari said on November 5 that the development of joint oil and gas fields will still remain one of the top priorities in the country's budget bill next year, SHANA news agency reported.
Another MP Mohammad Ali Abdollahzadeh said in mid-October that Iran is daily losing about $2.4 billion in its joint oil and gas fields.
"Since Iran has not invested enough money in its joint oil and gas fields the nation is now lagging behind neighbours in production," he added.
He also supported the possible increase in the oil sector's share of budget.
Iran plans to boost the South Pars gas field's daily output up to 800 million cubic meters by the end of Iranian calendar year 1393 (March 19, 2015), the managing director of Pars Oil and Gas Company Mousa Souri said on Sunday.
"By reaching that point, Iran will outpace Qatar in tapping the joint gas field," Souri said.
Oil Minister Rostam Qasemi has ordered all contractors of the South Pars gas field development project to work round the clock in three shifts to complete developments of all phases.