Iran (IMNA) - Significant investments are underway in Salakh port, situated on Qeshm Island just 5 miles (8 kilometers) from key shipping routes in the Persian Gulf. The goal is to attract more vessels to refuel at Qeshm, reducing reliance on the more distant Fujairah port in the UAE.
Four large refineries are currently under construction on the island, each designed to process 140,000 barrels of oil per day. These facilities are expected to boost the supply of bunker fuel, gasoline, and asphalt available at Qeshm. Additionally, the island has launched a long-term project to develop storage capacity for 100 million barrels of oil.
At present, Salakh port supplies 50,000 metric tons of bunker fuel to ships each month. However, Iranian authorities have set an ambitious target to increase this capacity to 750,000 metric tons per month.
Despite the Persian Gulf bunkering industry being valued at over $30 billion annually and servicing more than 50,000 ships each year, Iran currently holds only a small share of this lucrative market. With a surface area of nearly 1,500 square kilometers, Qeshm ranks among the world’s largest islands and is strategically located in the Strait of Hormuz, a crucial passage responsible for nearly 20% of global oil trade.
These development initiatives are part of Iran’s broader strategy to stimulate economic activity in its southern islands, a region endowed with significant energy reserves but facing economic challenges.
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