BAKU, Azerbaijan, March 13. Tehran Oil Refining Company of Iran has acquired 51.3 percent of shares in Shazand petrochemical company located in the country's central province, Chairman of the Board of Tehran Oil Refining Company of Iran Vahid Abiri said, Trend reports.
According to Abiri, these shares belonged to the National Development Investment Group.
Sabiri added that the value of the shares in the said company amounted to about 241 trillion rials (about $5.74 billion).
"Tehran Oil Refining Company is interested in turning crude oil refined products into more valuable products, preventing the sale of products in crude form, and better utilizing the revenues generated by purchasing more shares of Shazand Petrochemical Company," he noted.
Meanwhile, Shazand Petrochemical Company was established in 1988 under the name of Arak Petrochemical Company. In 2010, the company was renamed Shazand Petrochemical Company. The company has the potential to produce more than 1.8 million tons of petrochemical products per year.
To note, the Tehran Oil Refining Company was established in 1967. This company has the potential to refine 250,000 barrels of crude oil daily. At present, in addition to gasoline, the company produces white oil, diesel, vacuum nozzles, solvents, and other products daily. The company's current capital is 275 trillion rials (about $6.55 billion). Bank Saderat, Iran Investment Company, and Tehran Investment Company are the major shareholders of Tehran Oil Refining Company.
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