Several Iranian domestic banks and financing institutions have signed a memorandum of understanding (MoU) for financing and participation in the construction of the 300 kb/d Shahid Qassem Soleimani petrorefinery in Bandar Abbas and the 300 kb/d Morvarid Makran refinery in Jask. The Movarid Makran refinery, which requires an investment of about US$7bn, is expected to be funded by the Mofid Economic Group and Mellat, Tejarat and Parsian Banks. The Shadid Qassem Soleimani petrorefinery, which could cost US$11bn, will be funded by 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%). The project, which will process heavy crude oil, should produce 65% of fuel and 35% of chemical products. At end-2021, Iran's refining capacity stood at 2.2 mb/d. The country produced 1.8 mb/d of oil products in 2020.