Economic Desk - IRAN DAILY
A memorandum of understanding (MoU) worth $17.8 billion was signed in the presence of Iranian President Seyyed Ebrahim Raeisi, First Vice President Mohammad Mokhber and Oil Minister Javad Owji on Monday to construct two refineries with a total capacity of 600,000 barrels per day.
In the framework of the MoU, the 300,000-barrel Shahid Soleimani Petro-refinery in Bandar Abbas and the 300,000-barrel Morvarid-e Makran Refinery in Jask will be constructed in southern Iranian province of Hormuzgan.
Shahid Soleimani Petro-refinery, as the largest petrochemical complex in the country, will be built with a total investment of $11.1 billion by Bank Melli Iran, Tejarat Bank, Bank Refah Kargaran, Tadbir Energy Development Group, Persian Gulf Petrochemical Industries Company, Ahdaf Investment Company, and National Iranian Oil Products Refining and Distribution Company.
Also, the construction of the Morvarid-e Makran Refinery which will process heavy and extra-heavy crude oil will be carried out with a total investment of $6.7 billion by the Mofid Economy Group, Bank Mellat, Tejarat Bank, and the Parsian Bank.
The maximum use of Iranian-made equipment is one of the features for the construction of the two refineries.
A sum of 65 percent of Shahid Soleimani Petro-refinery, which will be completed in five years, will include various types of fuel, while chemical products will contribute to 35 percent of the output.
The 700-hectare construction site of Shahid Soleimani Petro-refinery is in the vicinity of Persian Gulf Star Refinery and Bandar Abbas Refinery in the Hormuzgan Special Economic Zone.
The first phase of the project, which is defined in two refining and petrochemical phases, will be launched in four years.
With the implementation of the project, the refining capacity in Hormuzgan Province will exceed one million barrels per day, which will lead to an increase in the storage capacity of oil products as well as the upbringing of the country's fuel reserves and the construction of new infrastructure in the sea sector and exports.
Creating added value and preventing crude sales in the way of aligning with the government's strategy, preventing the import of gasoline, increasing the refining capacity, creating jobs and using the potentials of domestic companies and the capacity of new technology-based firms (NTBFs), actively neutralizing the sanctions, allocating liquidity to productive investment, moving toward the construction of petro-refineries, and continuing Iran's presence in the world markets are among the goals of the signed memorandum.
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