Iran will use $100 million in foreign direct investments (FDI) to build a liquefied petroleum gas (LPG) export terminal, according to the CEO of the National Iranian Oil Company (NIOC) Mohsen Khojastehmehr.

Khojastehmehr elaborated that one of NIOC’s top aims during the Raisi administration is to maximize LPG export through liquefaction, adding: “In this regard, we found it necessary to strengthen a private company, and the powerful Petrosanat Iranian Company entered this field.”

He acknowledged that NIOC had urged the business to construct an LPG export terminal, he said: “This private sector company built a terminal with an investment of about $100 million, along with other terminals in the region, and according to the directive issued by the Minister of Petroleum, the land that was previously leased to the company was now owned by it.”