A Chinese investment firm will spend $2 billion on building an oil refinery in the northern Iranian province of Mazandaran, according to the Islamic Republic News Agency (IRNA).

The company has already been issued the license to build the oil refinery, Iran Press reported, without specifying the name of the Chinese firm involved in the project.

“The Chinese company is seriously following up the projects,” deputy head of the province’s investment center, Mousa Ghasem-Pisheh, said.

Ghasem-Pisheh added: “Last year we attracted a total of $90 million worth of foreign investments in Mazandaran, where a 100-megawatt electricity-generating power plant was constructed,  as well as an electrolysis water-production unit, and in various greenhouse vegetable farming projects.”