Calls for Investment in GTO/GTP Project

Calls for Investment in GTO/GTP ProjectCalls for Investment in GTO/GTP Project

The oil ministry in a public call invited private entities to invest in gas-to-power (GTP) and gas-to-olefins (GTO) project in Eslamabad-e-Gharb, Shana news agency reported. In line with the 'economy of resistance' -a policy proposed by the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei to counter the sanctions, promote domestic growth and reduce consumption- the oil ministry plans to hand over the GTO/GTP project in Eslamabad-e-Gharb to competent private firms so as to prevent crude selling and generate value added.

Applicants must demonstrate their financial, technical, and management capabilities. "Eslamabad-e Gharb petrochemical project will be given priority if technical and financial requirements are met," Ali Tayebnia, minister of economic affairs and finance, said during his visit to the western Kermanshah Province where he visited Eslamabad-e Gharb Special Economic Zone.

Meanwhile, Eslamabad-e Gharb's parliamentary representative, Ali Jalilian, said the Special Economic Zone has not made the anticipated progress due to lack of investment in the past years, noting that the petrochemical project could be completed within 40 months. Eslamabad-e Gharb Special Economic Zone is fully owned by the private sector. Therefore, the government merely prepares the ground for investment, with the main tasks due to be implemented by private firms.