Refining and Products

The Billion-Dollar Wide-Brimmed Hat Over Oil and Refah Bank

The Bandar Abbas refinery project has entered its third year of operational suspension, facing a financial crisis and billion-dollar corruption. Are the managers behind the scenes thinking of their own interests?

The development plan for phases one and two of the Bandar Abbas refinery, as one of the most important strategic projects in the country's refining industry, has now entered its third year of operational suspension.

This suspension, under conditions of financial resource allocation, the presence of a specific contractor, and the approval of technical documents, is not only unjustifiable but also questionable, resulting in a loss equivalent to 400 trillion tomans to date and corruption worth over one billion dollars.

Suspicion of Contract Awarding

The manner of awarding the contract to the consortium 'Jener', consisting of four companies: Enerchem, Roujan Sanat, Jondi-Shapur, and Nardis, raises suspicions of financial connections and shared interests between some refinery managers and the managers of these companies.

In this context, the role of Mohammad Ali Fatehmi, the main shareholder of Enerchem, is assessed to be more prominent than others in the problematic processes of this one-and-a-half billion dollar project.

Consequences of Technical Revisions

Another consequence of this technical revision is the possibility of the contractor's obligation being lifted regarding the determination of the purchase and delivery of equipment from the 620 million euro advance payment; an issue that, under the pretext of changing technical specifications, has shifted responsibility to the employer and increases the likelihood of the received foreign currency resources being diverted to unrelated areas.

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