Iran`s IRGC transfers Sadra Shipbuilding Company to private sector

Business Materials 19 August 2013 15:01 (UTC +04:00)

Azerbaijan, Trend, Aug. 19 / N. Umid

Iran`s Khatam-ol Anbya Construction Headquarters affiliated with the Islamic Republic of Iran Guard Corps (IRGC), has transferred some 62 percent of Sadra Shipbuilding Company to the private sector, Iranian Shargh newspaper reported.

According to the report, Managing Director of Sadra, Mehdi Etesam has been replaced by Farzad Anari.

Anari is a board member of Abad Rahan Pars Construction Company which is a private sector company.

Abad Rahan Pars executes activities comprising of all kinds of development, has been in all over the country, especially in Assalouyeh Phases 1 to 18 and also in the region's petrochemical industry.

Sadra, which is one of the largest companies in Iran's maritime industry, is facing huge debts.

The director of Khatam-ol Anbya Construction Headquarters said in 2009 that Sadra will pull out of shipbuilding activities.

Sadra was founded in 1968 as a small ship repair yard in Bushehr. Since then, Sadra has established itself as the leading shipbuilding and ship-repairing company in Iran.

Sadra is also active in offshore oil & gas development. As of April 2009, the IRGC-controlled construction conglomerate, Khatam-ol Anbia owns a controlling stake in Sadra.