Iran is in talks with a South Korean company for the development of Isfahan Refinery, a top official said.

"We are in negotiations with the refinery's managers and the project will be undertaken once it is approved," Hamid Sharif-Razi, managing director of the National Iranian Oil Engineering and Construction Company (NIOEC), was quoted by Iran Daily, which cited Shana.

"The RHV and RFCC units, involving an investment of €1.8 billion, will be self-financed," he noted.