Iran is poised to finalise a landmark nuclear deal with world powers that will usher in a sweeping overhaul of the Iranian economy.
The deal has been negotiated with world leaders at the United Nations, and it is widely expected to be ratified this week.
The International Atomic Energy Agency (IAEA) has said it is in regular contact with Iranian officials about the finalisation of the deal.
Iran’s parliament has approved the final text of the agreement on Wednesday.
It is expected to become law by Friday.
The agreement will include sweeping changes to the way Iran is governed and the way it buys and exports its oil and gas.
The final deal would allow Iran to buy US$10 billion worth of American crude oil and to import the US$1.8 trillion worth of refined products from the US.
This could lead to an increase in the price of US$6.60 per barrel.
It also could lead Iran to re-export oil to the US from a facility it has shut in the past.
Iran will have to import US$2.3 billion worth or almost 40 per cent of its oil exports to the world.
The US, China and Russia are also expected to ratify the deal and, potentially, impose new sanctions on Iran.
The latest draft of the nuclear deal, released by Iran’s National Security and Foreign Policy Council on Wednesday, says the country can restart uranium enrichment at its Yongbyon nuclear complex in South Korea for up to 20 years, which it had stopped in 2011.
It says it is also allowed to reimport its oil from US-controlled Saudi Arabia.
Iran said it will increase its oil production to 3.5 million barrels a day by 2021 from the current 1.5m bpd, while exporting US$400 billion worth, which would amount to around 10 per cent.
The Iranian economy will grow by 7 per cent and its trade will be worth $30 billion annually, the deal says.
The country has a history of exporting oil and oil products and has the world’s third-largest oil reserves.
Iran has been struggling to recover from a massive sanctions over its disputed nuclear programme.
But it has been a key partner in the nuclear talks, and the agreement will allow the international community to ease sanctions on Tehran, ease the sanctions on the US and lift a ban on its nuclear programme that has been in place since 1979.