According to POGC, the signing ceremony for the rebuild of the Phase 4 and 5 refinery took place Wednesday, in the South Pars region. Attendees included Pars Oil and Gas Managing Director Touraj Dehqani; Farshad Moqimi, deputy minister of industry and managing director of the Industrial Development and Renovation Organization of Iran (IDRO); Hadi Akhlaqi, managing director of Bank Tejarat; and members of the reconstruction consortium.

Dehqani outlined the consortium's responsibilities, saying the project will be led by Pars Oil and Gas Co. and carried out by a consortium managed by Bank Tejarat, with participation from private- and public-sector companies. He said IDRO, along with Exir Sanat and Jahan Pars companies, will also serve as project members.

He expressed hope that, with adequate financing and execution on schedule, the damaged units could be repaired as quickly as possible so the refinery can resume production.

Dehqani said restoring the damaged sections would help ease Iran's natural gas supply shortfall, which has worsened following recent attacks, once the refinery returns to operation.

He thanked contractors and technical staff for their work clearing debris safely and quickly at the damaged refineries. He credited the government, the oil minister and the National Iranian Oil Company's managing director for their support, noting that reconstruction strategies were approved by the NIOC board before execution began through the formation of the consortium.

Akhlaqi, the Bank Tejarat managing director, said consortium members recently visited the project site. He said final agreement was reached on the scope of work and each member's role before the contract was signed, formally launching the project.

He said there is strong resolve among consortium members and contractors to meet reconstruction goals, and thanked POGC for facilitating the process as the project's client. He added that Iran's Ministry of Economic Affairs and Finance has emphasized active participation by affiliated banks in supporting damaged projects and compensating for losses, and said Bank Tejarat considers it a duty to help offset some of the resulting shortfalls through its involvement.

Moqimi, the deputy industry minister and IDRO chief, called the project strategic, saying its new execution model offers a valuable opportunity for future development initiatives across Iran's industrial sector.