The two sides have decided to process the Iranian oil and use it in the countries in which the refineries are to be built, the Fars news agency reported on Sunday, citing an “informed source”.
“At present, some of the negotiations have been finalized and some of the European sides have undertaken to start constructing refining units in partnership with Iran,” the source said.
Iranian officials say refineries overseas would entail long-term contracts which would guarantee steady supplies and provide buffer against market hiccups.
Iran’s crude oil exports were a regular fixture for European refineries before Western sanctions on the Islamic Republic in 2012 brought them to a virtual halt.
“If this plan comes to fruition, we will definitely no longer see oil sanctions and will refine our oil in other countries without any worries,” the official, quoted by Fars, said.
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