Bigger Role for Private Firms at PSEEZ

Bigger Role for Private Firms at PSEEZBigger Role for Private Firms at PSEEZ

Prior to the expansion of oil and petrochemical industries in the (Pars Special Energy/Economic Zone) PSEEZ, the oil ministry had to pay for all the expenses, but now that most complexes are owned by the private sector, they will receive services so long as they pay for it, Mahdi Yousefi, managing director of Pars Special Economic Energy Zone said Sunday.

According to Yousefi, PSEEZ managed to raise $17 million in revenues last year from November 2014 to March 21, 2015. The key zone is estimated to earn $67 million by the yearend (March 2016), most of which will be earmarked for environmental projects in the region, Shana news agency reported.

Highlighting that PSEEZ reliance on the national budget will be curbed gradually, the official said, "For now the earnings are not sufficient to render the region financially independent. Needless to say, we should fulfill our obligations because of the services we are committed to provide to private firms."

Located on the shores of the Persian Gulf some 270 kilometers southeast of the provincial capital of Bushehr, Assalouyeh is best known as the site for the land based facilities of the huge Pars Special Energy Economic Zone (PSEEZ) project.  Assaluyeh was chosen as the site of the PSEEZ facilities due to it being the closest land point to the largest natural gas field in the world, the South Pars field. The site is a collection of different petrochemical plants and refineries.