The valuation of ReD projects is one of the most difficult endeavors due to the existence of uncertainty both in the investment phase as well as in the market phase. We analyze the use of the real options valuation approach to the case of an investment in a petrochemical project where there are significant learning options that can be derived from further R&D investment. To evaluate these options we propose a model that organizes the uncertainties by technical resolution logic and quantifies their impact on the value of the project using the probabilities of success tied to each stage of the decision and the different possible combinations between them. We observed that in an investment project that was considered unfeasible under traditional valuation techniques, its value becomes positive when the embedded real options were taken into consideration. Moreover, it was noticed that some of the options identified did not add value to the project because, although flexibility has positive value, the implementation cost outweighed the expected benefits.