A foreign company has completed feasibility studies on developing Bandar Abbas and Tehran refineries, the deputy head of National Iranian Oil Products Distribution and Refining Company (NIOPDRC) was quoted as saying in a report.

Shahrokh Khosravani added that the process of acquiring funds and reaching an EPC deal to expand the refineries is currently underway, reported Iran Daily, citing ISNA.

Khosravani said $14 billion is needed to expand the refineries in Bandar Abbas, Tehran and Abadan, adding that investment for Abadan Refinery has been secured.