Iranian private companies have signed investment deals and memorandums valued at 90 trillion rials (about $180 million) to implement development projects at Imam Khomeini Port Special Economic Zone, the head of Ports and Maritime Department of southwestern Khuzestan province, where the port is located, said.

According to The Iran Project,Abutaleb Gerailo said the mentioned contracts have been signed in a ceremony attended by Transport and Urban Development Minister Mehrdad Bazrpash on the occasion of Transportation Week, the Transport Ministry news portal reported.

According to the official, four of the mentioned deals worth 21.5 trillion rials (about $43 million) were concluded between the Ports and Maritime Department of Khuzestan province and private sector investors to increase the capacity of loading and unloading of goods at the port.

The construction of storage tanks for petroleum products with a capacity of 40,000 cubic meters, the construction of a light hydrocarbon production refinery, a gamma irradiation system, and Arvand petrochemical saltwater transmission lines are among the projects that the private sector is going to invest in.

Gerailo stated that the completion of the commodity trading chain, the creation of value-added services, the development of the export of oil products, and the expansion of production activities in the Special Economic Zone of Imam Khomeini Port are among the goals of concluding the mentioned investment contracts.

The other five investment contracts worth 68.590 trillion rials (about $140 million) were signed to develop investment opportunities and increase the capacity of unloading and loading goods in the Imam Khomeini Port Special Economic Zone.

The official further noted that the Ports and Maritime Organization (PMO) is following new policies to create specialized terminals for the loading and unloading of goods, and in this regard, the completion of four mechanized terminals for grains, container cargoes, and minerals at the special economic zone of Imam Khomeini Port have been prioritized.

Imam Khomeini Port is a seaport at the northwestern end of the Persian Gulf near Ahvaz, the center of Iran’s southwestern Khuzestan province.

Opened in 1960 with two berths, the port is Iran’s second-largest operating port after Shahid Rajaee Port in southern Hormozgan province.

Considering its importance in Iran’s trade, the development of Imam Khomeini Port has always been a priority for the Iranian government.