Iran to privatize rights for oil and gas exploration and development in the Caspian Sea

Oil&Gas Materials 10 August 2009 14:03 (UTC +04:00)

Azerbaijan, Baku, Aug. 10 / Trend E. Ismayilov

The Iranian Privatization Organization was granted a right to privatize 80 percent of stocks for oil exploration and development in the northern region of the country and Caspian Sea, the Iranian news agency Shana reports.

The National Iranian Oil Company (NIOC) delegated rights to sell 80 percent of the Northern Exploring Company by distribution of shares in the Tehran-based stock exchange to privatization organization. Furthermore, the transfer committee can decide whether stock will be offered one field, or by parts. The stock distribution will begin soon.

More than 13 percent of the shares one exploration has been offered at stock exchange.

Some 10 percent of the remaining part of shares was given to the organization of social protection of armed forces, 5 percent was allocated to employees on privileged basis, and the rest 5 percent is managed by the company managers.

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