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Mohammad Rastad told a meeting of deputy ministers of the Road and Urban Development Ministry in Chabahar on Thursday that the investment is to be conducted by the Indian company of IPGL.
Under the project, India will supply equipment needed by the port, he said.
Noting that harbors in Chabahr port have not enough capacity to receive high volume of cargo transportation and transit, he said that the capacity of Shahid Beheshti port will reach 77 million tons once the next three phases are completed.
Stressing the need for easing transportation and traffic of trucks, the official said the most significant need of the port is implementation of Chabahar-Zahedan railway project at the earliest.
The port, located in Sistan-Baluchistan Province, is of great strategic utility for India. It lies outside the Persian Gulf and is accessed from India’s western coast.
India is to equip and operate two berths in Chabahar Port’s Phase I with a capital investment of about $ 85 million and annual revenue expenditure of $ 23 million on a 10-year lease.
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