Oil Ministry, Bank Melli sign MoU

A senior official of the petroleum minister for refining and distribution affairs and the CEO of Bank Melli have signed an MoU for the construction of Shahid Nader Mahdavi Oil Depot in the southern province of Hormozgan in the presence of Iranian Minister of Petroleum Javad Owji. 

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 the 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. Muhammad Reza Farzin said the bank enjoys the country’s largest banking network with over 3,000 branches inside the country, besides several branches in London, the UAE, Iraq, Germany, and some Persian Gulf littoral states.
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