The SRCT is Iran's main container gateway, handling about 90% of the country's total throughput.
The new facilities are scheduled to triple SRCT capacity from 2 million twenty-foot equivalent units (TEUs) to 6 million TEUs.
First phase development is scheduled to be operational early next year, boasting 850 metres of quay with 17 metres depth alongside and eight new post-Panamax cranes.
The Iranian Port & Shipping Organization (PSO) is financing first phase development costs.
Port officials say that phase two development is expected to be completed in 2010, providing 2,050 metres of additional quay length with 16 metres depth alongside and a 140 ha container yard.
Tidewater Middle East Marine Services, Iran's leading port operator and the main SRCT operator, has been awarded rights to develop and run both phases of the new terminal, including infrastructure upgrades and equipment purchases.
Tehran-based Tidewater recently reported a throughput of 830,427 TEUs for the first half of this year which is a 28% jump from the same period last year.
Expecting container volumes to keep up this trend of robust growth, both Tidewater and Iranian port officials are pressing ahead for construction work on the new developments to be completed as soon as possible.