Iran's refinery production capacity will reach an estimated 3.3 million barrels a day by mid-March 2012, the Oil Ministry's Shana news agency reported Monday, citing a senior oil official.
Aminollah Eskandari, the National Iranian Oil Refining and Distribution Co.'s manager for refining affairs, said about 15 billion euros ($24 billion) will be invested in building new refineries and an additional $7 billion will be invested in existing refineries, Shana said.
Eskandari added that members of the domestic and foreign private sectors will collaborate on the refinery projects, according to Shana.
A reduction in kiln oil produced at the refineries is an important advantage of building refineries and making new development plans for the country, Shana cited Eskandri as saying.
"Crude refining patterns of the country follow old versions, causing a rise in kiln oil output by 29%, while the world's standards are at 10% level," the senior official said, Shana reported.