TEHRAN – National Iranian Oil Products Distribution Company (NIOPDC) signed a trilateral Memorandum of Understanding (MOU) with an Iranian bank and a domestic manufacturer of oil products storages for renovation of its transportation fleet.

As reported by IRIB, the MOU was signed with Tejarat Bank and Mammut Industrial Group on Sunday in Tehran.

The signing ceremony was attended by NIOPDC’s Managing Director Amir Vakilzadeh, Tejarat Bank’s Managing Director Reza Dolatabadi and Mammut Industrial Group’s Managing Director Mehrzad Ferdous.

According to the managing director of Tejarat Bank, in the first phase of the project, the bank is going to provide two trillion rials (about $47.6 million) for the renovation of the NIOPDC’s fleet.

“The interest rate of the facilities is 12 percent and NIOPDC is obliged to pay the loan back over a four-year period,” Dolatabadi said.

Vakilzadeh for his part, underlined the need for renovation of the country’s oil products transport fleet and said: “One of the major goals of this agreement is to increase the safety of the fleet and will undoubtedly bring great benefits for the owners of the vehicles, and NIOPDC as well.”

Established in 1928, NIOPDC has been responsible for the supply and distribution of oil products across the country for over 80 years.

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Photo: NIOPDC’s Managing Director Amir Vakilzadeh (L), Tejarat Bank’s Managing Director Reza Dolatabadi (M), and Mammut Industrial Group’s Managing Director Mehrzad Ferdous exchanging signed MOU documents on Sunday in Tehran.