Iranian Oil Ministry wants proprietorship of 4 Persian Gulf islands to launch oil and gas hubs

Azerbaijan, Baku, Jan. 9 / Trend F.Mehdi/ The Iranian Oil Ministry has put in a request to the administration for acquiring the proprietorship of four islands, located in the Persian Gulf, aiming to launch oil and gas hubs in the region, the Mehr News agency reported. The four islands - Faro 1 and 2, Hendorabi, and Farsi - are all non-residential and lack any building, road, water, and power facilities, an informed source in the Oil Ministry stated. Iranian Oil Minister Rostam Qasemi said that the development plans worth $400 billion will be implemented to reform the domestic oil industry. Once the development plans are completed, the country will earn $500 billion income annually from exporting oil, gas, and petrochemicals, he added. According to the plan, the country's oil output should be increased to 5.5 million barrels per day from 4mbpd by March 2016. He also said that output at the South Pars gas field will reach 750 million cubic meters by March 2016. Do you have any feedback? Contact our journalist at agency@trend.az