With the approval of Iran's oil ministry, the nation's first private oil refinery with the capacity of 150,000 barrels will be constructed in the southwestern city of Yasouj, Chaharmahal-Bakhtiari province.
The project is estimated to come on stream in 2014 at the cost of $2.2 million.
The unit is projected to produce gasoline, kerosene, gas oil, furnace oil, liquefied gas, asphalt, and sulfur.
Once the refinery is implemented 3,000 direct and 10,000 indirect job opportunities will be created.