Iran to privatise all refineries, petchem units to encourage private investment and boost economy

12-Apr-10
Mehr Iran plans to privatise all its refineries and petrochemical units, seeking to speed up the sale of state assets in a bid to encourage private investment and boost the economy. Currently, the Iranian economy is under U.S. and U.N. sanctions over Tehran's disputed nuclear program. Western companies shirk from investing in Iran due to the long-running nuclear dispute. Few of the companies on sale may end up being transferred within the country's vast public sector. Work on ceding (ownership of) oil companies has begun and based on plans, all petrochemical units and refineries will be ceded, including service, drilling and support companies. Iran has 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.
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