FARS News Agency cited National Iranian Oil Refining and Distribution Company (NIORDC) deputy head Shahrokh Khosravani as saying that the refinery maintenance has been financed by the Chinese credit line.

For the implementation of refinery development project, approximately €2,600bn is required, Khosravani said.

In 2013, trade between the two nations was estimated at $45bn.

NIORDC, as one of the major subsidiaries of the Ministry of Petroleum, aims to address the increasing energy needs of the country.

The company is responsible for transferring crude oil to the refineries and export berths; processing, production and distribution of various petroleum products throughout the country; and implementation and management of refineries, pipelines and telecommunication network projects.