Presidential Aide Underlines Iran's Potentials to Turn into Regional Energy Hub

"At present, investment in Iran is growingly welcomed (by foreigners) because Iran's economy now has a predictable future," Nahavandian said, addressing the inauguration ceremony of the 14th international exhibition of Iran's electricity industry in Tehran on Saturday.

"All of us know that Iran has the potential to turn into the energy hub but this needs widening international relations," he added.

Nahavandian referred to Iran's capabilities to generate electricity more than the country's domestic needs, and said, "We should export electricity to other countries like Afghanistan, Tajikistan and Iraq in order to come closer to sustainable development."

In July, the National Iranian Oil Company (NIOC) announced plans to develop the oil and gas fields of Qeshm Island in Southern Iran to turn the island into an energy hub in 10 years.

Mohammad Hossein Daneshfar, a senior official at the Iranian Offshore Oil Company (IOOC), said that in addition to Hengam field which is currently the only field producing light oil in the region, Hormuz, Taftan and Tosan fields could also be developed.

He further added that the island was expected to produce over 12,000 megawatts of electricity if enough financing was provided given the vast reserves of natural gas around the island. The electricity would meet the energy need of power plants in the region for the next 30 years.

Daneshfar underlined Qeshm Island’s geo-energy position in the Persian Gulf region, and said that Iran would be able to export electricity to the neighboring countries, instead of gas in near future.

With 4 billion barrels of in-place oil reserves and 10 trillion cubic feet of natural gas reserves, Qeshm Island, the biggest island in the Persian Gulf, could turn into a new hub.

Source: Fars