MASHHAD (IRNA) -- First Vice President Parviz Davudi on Saturday inspected the development process of Sharq Cement Plant, 24km northeast of Mashhad, the capital of Khorassan Razavi Province.

Majid Esmaeilzadeh, the managing director of the plant, said that a 60 percent progress has been achieved in the development project of this big industrial unit, which is currently under construction.

Esmailzadeh added that 1,125 billion rials has been invested in the project.

He noted that the 400-billion-rial fund allocated to the project has been financed by Karafarin economic institution and 50 percent of which has already been supplied. “The present annual capacity of the plant is 1.5 million tons.”

Once the development project of the plant is completed in 2008, it is expected to produce three million tons of Portland cement per year.

"The machinery of the new plant's production line weigh 6,000 tons, out of which 6,000 tons, namely 67 percent, is produced domestically," he added.

He said that once the development project of the plant is completed, 362 jobs will be created.

During the tour, Davudi was accompanied by deputy minister of industries and mines and the governor general of Khorassan Razavi Province.

Sharq Cement Plant was put into operation in 1957.

The reserves of the mine from which the required raw materials are extracted, are predicted to last for more than 100 years.