Azerbaijan, Baku, Sep.9/ Trend F.Karimov/
Chinese oil company, Sinopec, and a South Korean company have finalized a deal with Iran to participate in a plan, worth $1.5 billion, to revamp Iran's Esfahan Oil Refinery, the Mehr News Agency reported.
The report has not revealed the South Korean company's name.
The plan is aimed to boost the refinery's gasoline and diesel fuel production capacity.
The two sides have been also negotiating for launching other project in Abadan refinery, as well.
In April, the Mehr News Agency quoted Managing Director of National Iranian Oil Engineering and Construction Company, Farhad Ahmadi, as saying that Chinese financiers will participate in Iran's Abadan refinery development project.
The project is estimated to cost $2.6 billion, he said, adding that 85 percent of the fund will be secured by the Chinese side.
The financing contract will be signed in the near future, he added.
Ex-Iranian Oil Minister Rostam Qasemi said in September 2012 that Iran will boost its gasoline production capacity by 10 million liters in the near future.
According to official government data, Iranian gasoline imports have slumped by as much as 95 percent over the last four years as rising refinery capacity and lowering fuel subsidies help neutralize Western sanctions aimed at starving Tehran of fuel.
In April, the Mehr News Agency reported that Iran will create a hub of exporting gasoline in the southern city of Bandar Abbas, close to the Persian Gulf, once two gasoline production projects come on stream.
The Bandar Abbas and Persian Gulf Star refineries are projected to produce 50 million litres of gasoline per day.
Gasoline which will be produced at the two refineries will meet Euro-4 and Euro-5 standards.
Four refinery projects are underway in Iran which will double the country's gasoline production capacity to 144 million liters.
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