Iran to privatise all refineries, petchem units
Reuters, Apr 10 2010
Iran plans to privatise all its refineries and petrochemical units, Oil Minister Mirkazemi was quoted as saying on Saturday. Iran, the world’s fifth-largest crude exporter, is seeking to speed up the sale of state assets in a bid to encourage private investment and boost the economy. Mehr News Agency quoted Mirkazemi as saying:
The work on ceding oil companies has begun and based on plans, all petrochemical units and refineries will be ceded, including service, drilling and support companies.
He did not give details on when it would happen. On Friday, state Press TV said Iran had transferred shares in six petrochemical plants and power stations to a social welfare investment organisation of the Islamic Republic’s armed forces, instead of debt payment. Earlier in April, a senior privatisation official said Iran aimed to raise about $12.5b by privatising more than 500 state firms during the 2010-11 year, including two refineries and two car makers. Analysts say some of the companies that are put up for sale may simply end up being transferred within the country’s vast public sector. Last year, a consortium linked to the Revolutionary Guards took a controlling stake of 50% plus one share in the Telecommunications Company of Iran in a deal valued at around $7.8b.
