Deals Worth $17.8b to Increase Heavy Crude Processing Capacity 

To increase heavy crude processing capacity, the Oil Ministry and a group of banks and private sector firms have signed memoranda of understanding worth $17.8 billion to build two refining complexes in southern Iran.
The MoUs were signed in the presence of President Ebrahim Raisi and Oil Minister Javad Owji in Tehran on Monday, IRNA reported.
According to the Oil Ministry, the two projects are expected to boost NIOC’s refining capacity by at least 600,000 barrels per day over the next five years. 
Giving a breakdown, Owji said the first MoU worth $11.1 was signed by Bank Refah Kargaran, Tejarat Bank, Bank Melli Iran, Tadbir Energy Development Group, the Persian Gulf Petrochemical Industries Company, Ahdaf Investment Company and the National Iranian Oil Refining and Distribution Company to build Shahid Soleimani Petro-Refining Plant in Bandar Abbas, Hormozgan Province.