China to provide €107M finance for development of Iranian port

Business Materials 21 June 2015 12:01 (UTC +04:00)

Baku, Azerbaijan, June 21

By Fatih Karimov - Trend:

China will provide €107 million finance for implementation of the second phase of development of Iran's Shahid Rajaee Port, said Abdolkarim Razazan, an official with the Ports and Maritime Organization of Iran.

He added that the second phase of development plan will cost €180 million, Iran's Fars news agency reported on June 21.

Over 80 percent of the required equipment has been manufactured domestically, he said, adding that the project will be implemented based on engineering, procurement and construction (EPC) method.

He also said that the required equipment will be provided by Iranian fiscal year 1395 (March 2016-March 2017).

Iran needs $750 million to implement the 2nd and the 3rd development phases of the Shahid Rajaee Port, which handles 90 percent of Iran's container traffic.

The 3rd phase of the development project is estimated to cost $500 million.

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