The private sector in Iran has invested a total of 161.23 trillion rials ($626 million) in the country’s ports under 333 contracts to date.
A total of 3.57 trillion rials ($13.87 million) were invested by the private sector during the first quarter of the current year (March 20-June 20) with the purpose of developing and maintaining port infrastructures and equipment, IRNA reported.
The private sector also invested 2.83 trillion rials ($11 million) in Q1 under five contracts to enhance businesses.
The investment includes the development project of 30-million-ton oil docks in Shahid Rajaee Port in southern Hormozgan Province which, upon its completion, will increase the port’s petroleum exports by 30%.
Located 23 kilometers west of the port city of Bandar Abbas, the capital of Hormozgan, Shahid Rajaee Port is Iran’s biggest container port. Over half of Iran’s commercial trading is conducted via Shahid Rajaee that also accounts for over 85% of all container traffic.