Sign in
Iran + PMO sign agreements for port development: Iran’s Transport and Urban Development Ministry and the Ports and Maritime Organization (PMO) inked investment contracts worth USD 1.86 bn (IRR 933 tn) with undisclosed private sector entities to improve the country’s port infrastructure and maritime services, Tehran Times reported earlier this week.
What we know: The agreements will expand port facilities and infrastructure in a bid to boost the country’s maritime trade capabilities, the news outlet writes. Plans include upgrading key ports including Bandar Abbas, Chabahar, and Imam Khomeini Port to increase cargo handling capacity, automate port systems, and reduce turnaround times for vessels. Iran is also planning to integrate ports with the country’s rail and road networks to further streamline logistical movement and efficiency.
In the works for a while? PMO previously revealed plans to attract up to USD 1.97 bn in investment to the country’s ports back in November 2023. The majority of the investment, around USD 924 mn, will be provided by the private sector.
Iran’s ports already captured interest: India reportedly earmarked USD 1 bn for the development of Iran’s Chabahar Port. Negotiations for a contract on parts and equipment at the port were in their final stages back in June.
