BAKU, Azerbaijan, May 25
By Elnur Baghishov – Trend:
Iran's Esfahan Oil Refining Company (EORC) has taken another step towards becoming a large holding company, Deputy Director of the company Mehdi Sarami said, Trend reports citing the company’s website.
According to Sarami, the Esfahan Oil Refining Company has bought 16.67 percent of shares of Sepahan Oil Company, which is put up for sale on the Tehran Stock Exchange.
The director added that the EORC has bought about 1.58 billion shares. The company bought a total of 34 trillion rials (about $809 million) worth of shares, valued at about 21,500 rials (about 51 cent) per share.
He noted that 40 percent of the shares will be paid in cash, while 60 percent in stages according to the plan.
Sarami stressed that the Esfahan Oil Refining Company currently supplies 100 percent of Sepahan Oil Company's fuel.
“In addition, 42 percent of Esfahan Petrochemical Company's shares belong to the Esfahan Oil Refining Company and the fuel of this company is 100 percent supplied by the EORC,” the director said.
As reported, Iran's Esfahan Oil Refining Company (EORC) was established in 1979. The company produces 12 million liters of gasoline per day in accordance with the Euro-5 standard, and 4 million liters of diesel in accordance with the Euro 4 and 5 standards. The company supplies about 23 percent of Iran's oil products.