The contract, expected to be awarded in June, calls for the construction of a new complex with capacity to produce 300,000 tonnes a year of chloride, vinyl chloride and PVC in addition to offsites. Toyo's bid is backed by the Japan Bank for International Co-operation (JBIC) and Export-Import Bank of Korea (Kexim), which will provide financing.

The new plant will be part of the Petrochemical special economic zone (Petzone) at Bandar Imam. Petzone is home to the olefins 7 and 8 projects, the aromatics 2 and methanol 3 projects and the purified terephthalic acid (PTA)/polyethylene terephthalate (PET) 1 and 2 projects.