TEHRAN Sept. 12 (Shana) � Iran�s coastal strip of Makran along the Persian Gulf and the Gulf of Oman enjoys the potentials to be the country�s new economic and industrial hub to south and east notably in terms of launching petrochemical and steel complexes.

Lying on the region's massive gas resources, the stretch was identified appropriate for construction of petrochemical complexes.

However, feasibility studies were not put into operation due to lack of infrastructure. Recently, SATA investment company announced that it has plans for launching units in Makran Petrochemical Project located in the southeastern Chahbahar port city.

The National Iranian Petrochemical Company (NIPC) has underlined available infrastructure in Chahbahar to develop the region to Iran�s new hub of the petrochemical industry. It can bring employment and also turn Chahbahar to an important trade and industrial port of Iran.

Last week, at the inauguration ceremony of petrochemical projects by the ministers of industry and defense, the necessity of observing environmental redlines were stressed in order to secure green development of the region.

�Compared to Mahshahr and Asaluyeh, Iranshahr �is 1,000 kilometers closer to target markets such as India and China. Proximity to these export markets is an exclusive advantage for Iranshahr and Chahbahar,� said NIPC Deputy Managing Director Mohammad-Hassan Peyvandi.

The industry needs an estimated 5 billion dollar investment a year which is a challenging task but can be achieved with national determination, and more active private sector participation such as domestic banks, as well as foreign investment. Iran�s rich hydrocarbon resources fit well for feeding petrochemical complexes, and their access to open seas are inviting factors for investors who are after a lucrative business.

SATA has been responsible for preparing the national project of Makran Petrochemical Township as Iran has promising prospects in the field thanks to massive oil and gas reserves. By financing of development projects in oil, gas, refining and petrochemical industries, the region will flourish with domestic and foreign investments.

By SHANA