TEHRAN -- An official in Iran's National Petrochemical Company said that Lavan and Qesham islands will turn into the hubs of petro refineries, Shana website affiliated to Iran's Oil Ministry reported Tuesday.
Speaking to Shana, Ramezan Owladi said "Lavan and Qeshm can play a big role towards (petrochemical) development due to their proximity to the sites providing feedstock."
The two islands are able to produce very valuable products and boost their productivity due to easy access to crude oil and gas condensate, Owladi was quoted as saying.
Negotiations with the National Iranian Oil Company and the National Iranian Oil Refining &Distribution Company are underway for building the refineries, the official said.
Iran's energy and financial sectors are under intensive sanction pressures by the United States and its allies which suspect that Iran's nuclear program might be aimed at weapon-grade activities. However, Iran insists that it is for civilian use only.
In May, the U.S. government slapped sanctions on Iran's petrochemical industry as part of its efforts to intensify the squeeze on Tehran's economy.
The sanctions aimed to "cut off funds from the Iranian petrochemical sector, as the second-largest revenue source for Iran's illicit nuclear program," said the U.S. State Department spokesperson Jen Psaki on May 31.
