This file photo taken on Nov 10, 2019 shows an Iranian flag flying at Iran's Bushehr nuclear power plant. (PHOTO / AFP)

TEHRAN - Iran on Thursday started the construction of a 5,000-megawatt nuclear power plant in the southern province of Hormozgan, according to the Iranian Students' News Agency.

The project kicked off in a ceremony in Sirik county attended by President of the Atomic Energy Organization of Iran Mohammad Eslami, the report said.

Speaking at the ceremony, Eslami said the power plant, Iran Hormoz, would be constructed entirely by domestic experts with $15 billion in domestic and foreign investments.

Iran says its nuclear activities are entirely peaceful and mainly aimed at power generation and production of radiopharmaceuticals

He added upon completion, the power plant will be capable of generating 5,000 MW of nuclear electricity, noting that Iran should be able to generate 20,000 MW of nuclear power by 2041.

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According to the ISNA, the project involves the construction of four power plant units, each with a power generation capacity of 1,250 MW.

Iran's other nuclear power plant is located in the southern province of Bushehr. The power plant became operational in 2011 and has an electricity generation capacity of 1,000 MW.

Iran says its nuclear activities are entirely peaceful and mainly aimed at power generation and production of radiopharmaceuticals.

The country signed a nuclear deal, formally known as the Joint Comprehensive Plan of Action, with world powers in July 2015, agreeing to put some curbs on its nuclear program in return for the removal of sanctions on the country. The United States, however, pulled out of the deal in May 2018 and reimposed its unilateral sanctions on Tehran, prompting the latter to drop some of its nuclear commitments under the deal.

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The talks on the revival of the JCPOA began in April 2021 in Vienna, Austria. Despite several rounds of talks, no significant breakthrough has been achieved since the end of the last round in August 2022.