The document was signed in a ceremony where deputy petroleum minister for refining and distribution affairs and the CEO of Bank Melli were present.

Development of petroleum products storage depot considering Shahid Soleimani Petroleum Refinery and Mehr Persian Gulf Refinery projects in addition to existing refineries, increasing the country's strategic storage capacity, establishing the largest petroleum products storage center on the south coast and completing onshore and offshore oil export chain are some of goals of the Shahid Nader Mahdavi petroleum products storage project.

With the signing of this memorandum, in the near future, an increase of 600 million liters of storage capacity for petroleum products in the south of the country will be provided.

During the ceremony, the CEO of Bank Melli voiced the bank’s readiness to bankroll petroleum projects of the Iranian Ministry of Petroleum. Mohammad Reza Farzin said the bank enjoys the country’s largest banking network with over 3,000 branches inside the country, besides a number of branches in London, the UAE, Iraq, Germany and some Persian Gulf littoral states.