Iran is finalizing negotiations with Europe to construct refinery units in several European countries that will process Iranian crude oil, and subsequently sell the refined products on local markets, Fars News Agency reported citing an informed source.

Iran is also negotiating similar deals with India, Brazil, Indonesia, and mulls oil products sales to East Asia.

While European officials have held talks over the past year about Iranian crude imports following the lifting of sanctions, Asian companies have been lifting a cap on Iran’s oil imports.

According to Press TV, Iranian officials said that refineries overseas would entail long-term contracts, guaranteeing steady supplies, and providing a buffer against market fluctuations.

Iran is aiming at increasing its oil output exports from the current 1m b/d to pre-sanctions levels of 2.3m b/d.