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The head of Iran’s Oil, Gas and Petrochemical Products Exporters Union says the country has agreed to construct six oil refineries in Indonesia, according to a report by PressTV.

Hassan Khosrojerdi said Sunday Iran will build a heavy oil refinery with daily production capacity of 150,000 barrels of oil in addition to five smaller refineries with daily production capacities of 30,000 to 50,000 barrels of gas condensates.

The story was first reported by Iran’s Fars news agency.

Iran will provide feedstock for the six refineries, a senior Iranian oil official told Fars.

“On February 11, Iranian oil firm Nakhle Barani Pardis and Indonesia’s PT Kreasindo signed a three-billion-dollar agreement for the construction of a 300,000 barrels-per-day (bpd) refinery in Indonesia,” PressTV said.

Nakhle Barani Pardis reportedly will finance 30 percent of the refinery which is planned to be built at Banten or another location in West Java.

The project is set to start next year and will take an estimated three years to complete, the report said.

Kreasindo President Rudy Radjab said all of the products from the new refineries will be exported.

The story quoted Mahendra Siregar, chief of Indonesia’s Investment Coordinating Board, as saying Indonesia’s state-run Pertamina is ready for investment in Iran.