Iran and China plan to sign a $3billion contract as they upgrade Iran’s oil refining capacity.
According to reports from the country, Iran’s deputy Oil Minister said the deal will focus on upgrading the Abadan oil refinery.
Abbas Kazemi said: “Last week, China officially opened the financing for the plan to fix and improve the quality of the Abadan refinery.”
Refineries in Iran are currently in a state of repair after three years of sanctions which prevented access to parts and new technology.
The deal is expected to be signed when a delegation of Chinese oil officials visit the country next month.