Reuter cited Mr Gholamhossein Nozari Oil Minister of Iran as saying that Iran is looking for domestic and foreign investment in a USD 25 billion scheme to double oil and gas refining capacity by 2015.

Mr Nozari during an oil conference in the Iranian capital told that "These developments projects fall in five categories with a total production capacity of 1,750,000 barrels per day and an estimated cost of USD 25 billion."

He said that "This will be an excellent opportunity for both Iranian and foreign companies to come in and develop the country's refineries."

Iran the world's fourth largest oil exporter, lacks refining capacity and must import huge amounts of costly gasoline to meet its needs, a sensitive issue as the West continues to seek ways to penalize Tehran for its disputed nuclear activities.

In 2006, the country started a multi billion dollar, 5 year program to expand and upgrade its domestic refining capacity to 3.3 million barrel per day from the current 1.65 million barrel per day.

Mr Nozari said that the projects to expand refinery capacity would be completed by the end of Iran's fifth 5 year plan which runs between 2010 and 2015.

Mr Mohammad-Reza Nematzadeh deputy Oil Minister of Iran said that when asked whether international sanctions were hindering Iran's efforts to raise capital for investment in the energy sector. He said that "There is problem but the route is not closed and we are doing our job."

Iran's access to financing major projects have been hampered by curbs from European banks and energy firms to do business with the Islamic Republic which is under UN and US sanctions over its disputed nuclear activities.