State-owned National Iranian Oil Refining and Distribution Co. (Tehran) is in the process of setting up seven refineries across the country at an aggregate investment of USD 21 billion. The refineries, all of which are scheduled to begin operation by 2012-13, will increase Iran’s refining capacity of crude oil and gas condensate by 1.57 million barrels per day (BBL/d) and gasoline production by 110 million liters per day (LPD). Most of the investment will be procured from the private sector.
