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Iran plans to privatise petrochemical holding

Iran Materials 10 September 2012 14:50 (UTC +04:00)

Azerbaijan, Baku, Sep.10/ Trend F.Milad/

Iran plans to cede shares of the Persian Gulf Petrochemical Holding, which is one of the largest oil companies in the country, the deputy oil minister said.

"Oil and economy ministries have come to terms on the method of privatisation," the Mehr news agency quoted Mohsen Khojasteh-Mehr as saying.

Morteza Rahimian, an official with the National Petrochemical Company, said in May that final steps are being taken for transferring the shares of 15 subsidiaries of the holding in the current Iranian year which ends on March 20, 2013.

Shares of the Persian Gulf Holding subsidiaries worth around 24 trillion rials ($2 billion) will be ceded to the private sector this year, he noted.

Privatisation of state-run entities will be accelerated in the current calendar year, the deputy head of the Iranian Privatisation Organisation said in April.

Abolqasem Shamsi Jamkhaneh told the Fars news agency that three to seven per cent of shares of the Bandar Abbas Refinery, five per cent of Tehran and Shiraz refineries and 50.5 per cent of the Khouzestan Steel Company will be divested in the near future.

Some 850 trillion rials ($76 billion) of shares of state-run entities were transferred to the private sector last year most of which was related to the Oil Ministry, he said.

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