The construction of a refinery complex in north Bushehr Province, Iran, with a fund of IR20 trillion ($746.9 million) is set to be launched this year, according to a report.

Esfandiar Ziar, managing director of Biran Arya Refinery Complex, pointed out that the required permit has been acquired for the construction of the complex in the northern part of the province, said the IRNA report.

The location of the complex has been determined and about 50 hectares of land in the coastal area has been allocated for the purpose, it said.

The northern part of Bushehr embodies Bahregan oil field plays a significant role in production and export of oil products, said the report.

The Bushehr Province will offer the required support for the investors to remove possible obstacles, while the feedstock of the refinery complex will be provided by the Oil Ministry, it added.