Azerbaijan, Baku, August 28 /Trend/
Iran negotiated with a Chinese company to join construction of four oil refineries in the country, Mehr News Agency reported quoting Deputy Oil Ministry Alireza Zeyghami as saying.
"The National Iranian Oil Company is negotiating with a Chinese company to provide financial sources for development and construction of four oil refineries," he said.
The National Iranian Oil Company plans to develop Abadan and Isfahan refineries by $3.5 billion investment for each alongside $2.7 billion investment for Anahita refinery in west of Kermanshah province and $1.3 billion in Shiraz oil Refinery.
The National Iranian Oil Company requires total of $21 billion investment in construction of six new oil refineries.
Iran possesses the world's second largest reserves of gas and third in oil reserves is currently faces US sanctions over its nuclear program.
Most of foreign giant oil and gas companies have halted their activities in Iran because of international sanctions imposed by UN Security Council and the West countries against Iran.
The U.S. Congress approved financial sanction against Iran in 2010 , which imposes strict conditions for foreign investors and financial firms and prevents them to invest more than $20 million in Iran oil and gas industries.