Jalil Salari, who made the announcement in the signing ceremony of a contract on ceding 450 hectares of the Special Economic Zone in Bandar Abbas, a port city of Iran’s southern province of Hormozgan, added the National Iranian Oil Engineering and Construction Company (NIOEC) carries out the project’s assessment and studies.

The contract was inked by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and the Shahid Soleimani Refinery-Integrated Petrochemical Company.

The deputy oil minister said the main aim behind the plant setup is to complete the value-added chain, continuing 25 percent of its production capacity will be allocated to petrochemicals and a limited volume of gasoline – around 6.5 million liters – will be produced in the plant while petrochemical and gasoline output could be increased if needed.

The expertise and technical know-how of domestic companies, including the National Petrochemical Company (NPC) and knowledge-based firms, will be used to implement project, said Salari, adding “we have earlier applied the knowledge of the Research Institute of Petroleum Industry (RIPI)” to construct such facilities.

A big company comprising Shahid Soleimani, Persian Gulf Star, and Bandar Abbas refineries will be set up to produce a part of products and equipment required for the project.