TEHRAN (PRESS TV)-- South Korea's Daelim Industrial Corp. with two German and three Iranian firms signed a contract on Thursday worth about 1.3 billion euros ($1.72 billion) to upgrade Isfahan Refinery in central Iran.

With the goal of producing 12 million liters of gasoline per day, the contract includes detailed engineering, procurement, and site engineering.

The project to upgrade the refinery was awarded to an international consortium consisting of Iranian companies Nargan, Namvaran and, Chagalesh, Germany's UHDE and Lurgi, as well as Daelim.

France's Axens, British UOPL, Denmark's H. Topsoe, and Italy-based Technip KTI SpA will carry out basic engineering for the licensed units, with main consulting awarded to Technip Italy, another Italian-based branch of Technip.

The client is the Oil Industries Engineering and Construction Company (OIEC), a subsidiary of National Iranian Oil Refining and Distribution Company (NIORDC).

The project would take 48 months to complete.

Iran, the world's second-biggest exporter of crude, is seeking to boost the capacity of its refineries to make gasoline in order to meet domestic needs. The country imports about 40 percent of its requirements.