Iran is set to welcome foreign investments in order to turn the $11bn Chabahar Petrochemical Complex in Sistan Balouchestan province into a petrochemical hub in the region.
The move follows after the historic deal on 14 July between Iran and world powers on Tehran's nuclear programme in exchange for easing of the economic sanctions on the country.
Chabahar Makran Petrochemical Complex manager Hassan Malek Esmaeili was quoted by Fars News Agency as saying: "During the visit from Iran, investors from Japan, India and China visited the Chabahar and assessed investment opportunities in its petrochemical complex."
"Once completed, the complex will be regarded as a major leap in the country's petrochemical development."
The Makran complex will include 17 production units, and is expected to be commissioned over a period of nine years. Construction works for the complex is likely to be conducted in three phases.
It is intended to have a petrochemicals production capacity of 23 million tons annually.
Esmaeili said: "Once completed, the complex will be regarded as a major leap in the country's petrochemical development."
The project is expected to generate around 8.1mt/y of petrochemicals after its initial phase of development, which is expected to offer $5bn after being sold to world markets.
Production from the first phase is scheduled to start in 2018, reports Financial Tribune.
The project is also expected to create 20,000 jobs after completion of all the three phases.