Iran expects to sign its biggest oil refining contracts worth $8.6b with a number of Japanese, Chinese, and South Korean companies, Trade Arabia informed. The biggest deal is reserved for Japan’s Marubeni, Chiyoda, and Mitsui companies to upgrade Isfahan refinery.

Iran’s Deputy Petroleum Minister, Abbas Kazemi, said: “Negotiations have been held with the three [Japanese] companies and the deal for this massive refining project worth $3.6b is anticipated to be finalized soon.”

The country is also expected to sign a $2b contract with a South Korean company to boost oil processing capacity at the refinery in central province of Isafahan, International Business Times reported.

In addition, a $3b contract is expected to be signed with a Chinese company to develop and improve the quality of the refinery in Abadan city in the western province of Khuzestan.

Kazemi also said China has opened a $1.3b credit line to fund the plan and another $1.7b is likely to be received later in 2017.

Furthermore, Iran also plans to sign contracts worth $14b to revive and upgrade the quality of five oil refineries in the country, Kazemi added.