BAKU, Azerbaijan, April 6. The capital of Esfahan Oil Refining Company (EORC) will be increased by about 36 percent, during the extraordinary meeting of the company on April 13, 2022, the head of the Financial Affairs Department of the company, Sahib Arjomand said, Trend reports citing the company’s website.
The official noted that the company currently has a capital of about 140 trillion rials (about $3.33 billion).
Arjomand added that the figure will be increased to 190 trillion rials (about $4.52 billion).
“The increase in the company's capital also depends on the price of crude oil. Thus, in the 12th month of the last Iranian year (February 20 through March 20, 2022), the price of crude oil has risen. This will definitely be reflected in the company's financial calculations,” he said.
According to Arjomand, Iran's budget envisages the price of crude oil at $70 per barrel. At present, the average price of crude oil is $100 per barrel. About 5 percent of the remaining $30 will be calculated as the income of oil companies.
Iran's Esfahan Oil Refining Company (EORC) was established in 1979. The company produces 12 million liters of gasoline per day following 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.
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