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Iran’s Nakhle Barani Pardis and PT Kreasindo Resources Indonesia have reached an agreement on the planned construction of a $3 billion refinery in Indonesia.

The two companies signed an MOU last week to explore the feasibility of building a refinery designed to process heavy crude oil.

The site of the refinery is yet to be decided, but will probably be located in either Indonesia’s West Java or Banten Provinces

Estimated planned capacity of the new project is 300,000 bpd.

Kreasindo will own 70% and Nakhle will hold the remaining 30% in addition to acting as the refinery’s heavy crude supplier.

A schedule is yet to be published for this project.