IRNA – An advisor to the Qeshm Island oil, gas and petrochemical projects said on Tuesday that Iran’s 10 percent share in the bunkering market in the Persian Gulf would make the regional hub of the industry.
Mohammad Javad Dehqani underlined that Qeshm Island was chosen as the bunkering hub of the Persian Gulf in parliamentary legislations and government decisions.
Bunkering market cap reached 210 billion dollars in 2018 globally, from which Singapore, UAE and US had a 35 percent share in common, according to Dehqani.
He also said that an annual number of 15 to 20 thousand ships, vessels and tankers pass the Strait of Hormuz, bringing the bunkering market cap in the Persian Gulf to 15 billion dollars, with 22 million tons of fuel transferred to vessels from bunkering centers.
Referring to the current 10 percent share owned by Iran, Dehqani underlined that Iran’s share was scheduled to reach 50 percent according to the development program, but it’s behind schedule.
UAE’s Fujairah port supplies 85 percent of bunkering fuel in the Persian Gulf, while about 80 percent of its fuel is provided by Iran, Dehqani noted.