Iran sees $95M worth of investments made in Chabahar port

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Three MOU and two investment contracts were recently signed at Iran’s Chabahar Shahid Beheshti port, Trend reports via ILNA.

The Director General of Ports and Maritime Affairs of Sistan and Baluchestan province in Iran announced that with the signing of these memoranda of understanding and investment contracts, about $95 million will be invested in the Shahid Beheshti port.

“These investment projects are aimed at exploiting the transit status of the region, increasing regional exchanges and realizing the development goals of the eastern axis and the coast of Makran in the field of grain silos construction, exploitation of storage tanks of various types of edible oils and oil products,” the Director General of Ports and Maritime Affairs of Sistan and Baluchestan province Behrouz Aghaie said.

He went on to say that completion of these projects will provide direct jobs for 240 people.

Referring to the trilateral agreements of Iran, India and Afghanistan, on Chabahar port’s development plans he said that these investments were significant to the Chabahar port, and could play an important role in completing road infrastructure in the port in the future.

He stated that connecting the Chabahar port to the ring road is one of the priorities of the Ports and Maritime Organization, and the Ministry of Roads and Urban Development must put the Chabahar-Zahedan Freeway on the agenda.

India signed a trilateral connectivity deal in May 2016 with Iran and Afghanistan that allows it to bypass Pakistan and reach Europe and Central Asia. The hub of this connectivity agreement is the Chabahar Port, whose management was given to India for 18 months.

Last month, the Trump administration exempted India from imposition of certain sanctions for the development of the strategically located Chabahar Port in Iran, along with the construction of the railway line connecting it with Afghanistan.

The US sanctions on Iran cover the Islamic Republic’s banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and in other places, where Iranian oil imports haven’t been halted.