Iran needs $500M to complete Shahid Rajaee Port’s phase 3

Business Materials 2 December 2014 12:41 (UTC +04:00)

Tehran, Iran, Dec. 2

By Milad Fashtami - Trend:

Iran needs $500 million to complete the third phase of the Shahid Rajaee Port, located in Strait of Hormuz.

Mohammad Saeidnejad, the managing director of the Ports and Maritime Organization of Iran, said that the country wants to absorb foreign finance to carry out the project," Iran's IRNA News Agency reported on Dec. 2.

"We need the money to buy necessary equipment," he said.

Saeidnejad hoped the phase's development plan will be completed by the end of the current Iranian calendar year (March 20, 2015).

The official previously said that some $750 million is needed to implement the 2nd and the 3rd develop phases of the Shahid Rajaee Port.

"The 2nd phase of the port's development projects is being implemented using Chinese investments," he said, Iran's Fars news agency reported on October 14.

Ninety percent of Iran's container traffic passes through Shahid Rajaee Port.

The loading and unloading capacity of Shahid Rajaee Port currently stands at 88 million metric tons per year.