Iran’s energy ministry to sell assets worth $1.2 billion

Iran Materials 31 August 2012 09:09

Azerbaijan, Baku, Aug.29/ Trend F.Milad/

The Iranian energy ministry plans to sell the assets worth 15 trillion rials to provide money for building new facilities and repay debts, the Mehr news agency reported.

The money will be used to establish new irrigation and drainage facilities, the report said.

On March 2, Khabaronline Persian website reported that the Iranian energy ministry owes some 70 trillion rials (about $5.7 billion) to its contractors in water and power sector.

The powers sector and the water sector contractors claim more than 50 trillion rials and 15 trillion rials respectively, the report added.

The energy ministry will provide its creditors with unsold participation bonds which had been issued to finance domestic water and power projects, the ISNA news agency reported on February 27.

The ministry issued some 30 trillion rials (about $2.5 billion) in bonds in the past calendar year, which ended on March 19, but the public did not welcome the bonds due to low profit, Energy Minister Majid Namjou told the ISNA news agency.