Iran’s Oil Minister, Massoud Mirkazemi, said that the government plans to privatize all its refineries and petrochemical units, Reuters reported

The minister said that Iran, which is the world’s fifth-largest crude exporter, plans to expedite the sale of state assets, aiming to encourage private investment and bolster the economy.

According to the minister, work on ceding ownership of oil firms has started and all petrochemical units and refineries will be ceded, including service, drilling and support firms.

Earlier this month, a senior privatization official said Iran aimed to raise about $12.5 billion by privatizing more than 500 state firms during the 2010-11 year, including two refineries and two car makers.