Press TV- Iran expects to sign its biggest oil refining contracts worth $8.6 billion with a number of Japanese, Chinese and Korean companies this month or later, a minister said on Wednesday. 

The biggest deal is reserved for Japan’s Marubeni, Chiyoda and Mitsui companies to upgrade Isfahan refinery, Deputy Petroleum Minister Abbas Kazemi told reporters in Tehran.

“Negotiations have been held with the three companies and the deal for this massive refining project worth $3.6 billion is anticipated to be finalized soon,” he said.

A separate $2 billion contract is about to be signed with South Korea’s Daelim company to boost oil processing capacity at Isfahan refinery, Kazemi added.

However, the most imminent contract is expected to be concluded within the next couple of weeks with the Chinese to develop and improve the quality of Abadan refinery at a value of $3 billion.

Kazemi foresaw the formal implementation of the project beginning in the current Persian month of Bahman with the participation of energy officials from the two countries as well as senior directors of China’s SINOPEC company.

The scheme is planned to cut furnace oil production at the plant to about 20% from 40% at president, the minister said.

China has opened $1.3 billion of financing for the plan, the minister said, adding another $1.7 billion is expected to be opened in spring.

Iran plans to sign $14 billion of contracts in total to fix and upgrade the quality of Tehran, Bandar Abbas, Isfahan, Tabriz and Abadan refineries, said Kazemi who is also managing director of National Iranian Oil Refining and Distribution Company.