Brazilian officials are talking with Iranian and Indian oil and engineering firms about investing in a planned oil and petrochemical complex on the country’s northern Atlantic coast, according to Bloomberg.

Around $2.5bn is estimated to be needed to bring the plan to reality in the northeastern state of Maranhao, where a 5,000-acre site has been set aside.

Brazil suffers from a dearth of refining facilities despite its vast potential reserves both on and offshore. This project would address some of that refining shortfall.

The proposed oil refinery and petrochemical plant would be ideally served by the deep-water port that is already there, making it ideal for receiving large modern tankers.

And its relative proximity to the expanded Panama Canal, gateway to the Pacific and Asian markets, is another bonus for the project.