South Korea’s JJ Consulting has signed a memorandum of understanding (MoU) with Iran’s Ports and Maritime Organization (PMO) to make an investment worth $500 million for the  development of a port in Mazandaran Province, said a report.

Under the agreement, signed by Ju Yeon park, the Asian company’s managing director and Mohammad Taqi Anzanpour, the head of Mazandaran unit of PMO, JJ Consulting will invest in the development plan of the Noshahr port, said the Iran Daily News report, citing Trend News Agency.

The South Korean company will apply for investment permits from the Organization for Investment and Economic and Technical Assistance of Iran within a month, it said.

The companies also agreed to sign a contract in the near future which will include the executive details related to the design, implementation and costs of the project as well as the period of investment repayment and running the project.