TEHRAN - Iran's Oil Minister Rostan Qasemi said the first Iranian GTL (gas to liquid) refinery will soon be launched in one of the Persian Gulf islands, local English language daily Tehran Times reported on Monday.

The refinery, which will convert natural gas into value-added products such as naphtha, gasoline and diesel fuel, has a daily production capacity of 10,000 barrels, said Qasemi on Sunday.

Iran has said that it has plans to export oil and gas by- products instead of crude oil and raw material.

"At present, Iran is not only self-sufficient in producing gasoline, but is also considering the export of certain (energy) products to other countries," Qasemi was quoted as saying.

The Iranian minister down-played Europe's threat to boycott Iran's crude oil, saying significant buyers of its oil are from East Asia, rather than Europe.