Iran finalizes deals worth over $1B to develop ports

Business Materials 20 December 2016 19:11 (UTC +04:00)

Baku, Azerbaijan, Dec. 20

By Khalid Kazimov – Trend:

Iranian Ports and Maritime Organization has recently inked deals worth $1.125 billion with domestic companies to develop the country’s ports.

Mohammad Saiednezhad, the head of Ports and Maritime Organization of Iran, has said that his organization on Dec. 19 signed several contracts with a total value of $1.125 billion (36 trillion rials) with domestic companies to develop the country’s ports, IRIB reported.

The official added that the organization had earlier inked several other agreements with the country’s private sector on investment in the ports.

According to the official, the value of the earlier signed contracts and the recent ones together stand at $3.125 billion.

The agreements cover the construction of warehouses, facilities, reservoirs as well as making equipment and increasing the capacity of the ports, he added.

The official further added that the country has recently imported worth of $40 million of equipment and machinery to be employed in the country’s southeastern port of Chabahar.

According to Saiednezhad, the recent purchase was carried out under a $403 million contract for equipping the Chabahar Port.