The deal was signed on Monday by Behzad Mohammadi (NPC CEO) and Khodada Gharibpour, chairman of IMIDRO board of directors.

According to the MoU, the state-run NPC is tasked with vetting the credentials of petrochemical units intended to be based in PEIISEZ.

This memorandum of understanding, while facilitating the deployment of petrochemical companies in the zone, will accelerate the operation of five petrochemical projects in the region, each of which will have a capacity to generate 5 to 7 thousand jobs.

Plans are under way to produce 4 million tons of steel, 18 million tons of petrochemicals and 1.2 million tons of alumimium. Besides 6,000 megawatts of power will also be generated in the region.