NIORDC managing director Abbas Kazemi was quoted by Mehr news agency as saying that the proposed refinery is expected to process 300,000 barrels of crude oil a day.

The complex will use only crude oil as feed, and is expected to secure long-term demand for Iran’s crude oil exports.

Meanwhile, an Indian company and Iran are in negotiations to construct a refinery in India, with a capacity to process 400,000 barrels of crude oil.

"The Indian refinery is supposed to be built through partnership between Iran and the Indian company with each party having a 50% share," Kazemi added.

Last month, a delegation led by Indian Ministry of Petroleum and Natural Gas director Ashutosh Jindal has discussed on future deals between the two countries.

The meeting primarily focus on increasing oil imports from Iranand building a deep sea gas pipeline to transport natural gas to India.