BAKU, Azerbaijan, April 26. The National Iranian Oil Refining and Distribution Company (NIORDC) and the Bank Melli Iran have signed a memorandum of understanding in Tehran to finance the construction of the ‘Shahid Nader Mahdavi’ oil storage facility in the Hormozgan Province (southern Iran) on April 26, Trend reports referring to the Shana News Agency.
The memorandum was signed by the CEO of the National Iranian Oil Refining and Distribution Company (NIORDC) Jalil Salari, and Executive Director of the Bank Melli Iran Mohammad Reza Farzin. Iranian Oil Minister Javad Owji also attended the signing ceremony.
The Bank Melli Iran will invest 90 million euros in the construction of the mentioned oil storage facility.
After the implementation of the memorandum of understanding, the capacity of oil storage facilities in the south of Iran will increase by 600 million liters in the near future.
The purpose of the construction of the storage facility is to increase the number of strategic oil storage facilities in the country, to establish the largest oil storage center on the southern coast of the country, to ensure the safety of the production and supply of oil products, as well as to improve the export of oil products both by sea and land.
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