The document was signed in the presence of Iranian President Ebrahim Raisi and Iranian Minister of Petroleum Javad Owji on Monday and aims at participation and financing construction of the two projects in Bandar Abbas and Jask, respectively.

The deal is signed in line with implementation of the law supporting the development of downstream oil and gas condensate industries using public investment.

Mofid Economic Group and Mellat, Tejarat and Parsian Banks have signed the MoU for construction of Morvarid Makran Refinery with a daily refining capacity of 300,000 barrels of heavy and extra heavy crude oil in Jask with an estimated investment of about $7 billion.

The maximum use of domestically manufactured equipment and the benefit of the law of feedstock sale on credit are the features of the Morvarid Makran Oil Refinery.

Shahid Qassem Soleimani Petrorefinery is to process heavy crude oil and is to be developed with an estimated investment of slightly more than $11 billion. The MoU for its construction has been signed between the Melli, Refah Kargaran, Mellat and Tejarat as well as Tadbir Energy Group, Persian Gulf Petrochemical Industries Company (PGPIC), Ahdaf Investment Company and the National Iranian Oil Refining and Distribution Company (NIORDC).

The composition of the products produced in the Shahid Soleimani Petrorefinery will be 65% fuel and 35% chemical products, and this project is supposed to be completed after five years.

The shares of each of the parties to the MoU for participation and financing of construction of Shahid Qassem Soleimani Petrorefinery are as follows: Tadbir Energy Group 15%, PGPIC 15%, Ahdaf Investment Company 15%, NIORDC 10%, Bank Melli 15%, Refah Bank 15%, Mellat Bank 7.5% and Tejarat Bank 7.5%.

Creating added value and preventing crude sales in the path of aligning with the administration’s view, preventing the import of gasoline into the country, increasing the refining capacity and production of petroleum products, creating jobs and using the ability of domestic companies and the capacity of knowledge-based companies, actively dealing with sanctions and preventing sanctionability, channeling liquidity towards productive investment, moving away from refinery construction and moving towards construction of petrorefineries, and continuation of Iran's presence in global markets are among the goals of these plans.