Iran seeks investment for energy projects in Persian Gulf island

Iran's Lavan Island in Persian Gulf is seeking foreign investments in developing energy projects, an official in Lavan Special Economic Zone Organization (LSEZO) said Saturday.

Managing director of the zone Abdolhamid Zarei voiced LSEZO's readiness to absorb investments of leading foreign companies in the island, according to Iran's Petro-energy Information Network.

"The island's potentialities have already grabbed the attention of many foreign investors," Zarei said, adding that the interested foreign developers should have their credentials vetted before any deal is inked.

Singaporean firms have indicated their readiness to develop energy infrastructure projects on the Lavan Island in Persian Gulf waters, Zarei said.

The Singaporean TAL Engineering has also announced its readiness to join oil projects, particularly refinery projects or production of petroleum products in Lavan Island.

Lavan Island has an area of 78 square km. The island has one of the four major terminals for export of crude oil in Iran. It sits on top of Lavan gas field, containing 9.5 trillion cubic feet of natural gas.