As part of the twelve memoranda of understanding signed by Indian and Iranian delegations as per text released by India's Ministry of External Affairs, India Ports Global signed a contract with Iran's Arya Banader to refurbish and reconstruct two existing berths at the port, at a cost of $85 million over the course of 18 months. The berth project represents the only direct investment in port infrastructure mentioned in the May 2016 agreements. Chabahar was developed in 1972 as the oceanic port in Iran, and already features ten berths as of 2016, with a capacity to dock vessels of 80,000 deadweight tonnage.