Aug 11 2009 |
more articles from
|
Oil Exploration Going Private
Iran's Privatization Organization has been given the go-ahead to privatize 80 percent of the rights to explore oil in the north and the Caspian Sea region."Prior to the flotation of the exploration shares on the Tehran Stock Exchange, the National Iranian Oil Company (NIOC) delegated the rights to sell 80 percent of this company (Northern Exploration Company) to the Privatization Organization. The transfer committee can decide whether to offer the shares in one block or piecemeal," Shana.ir quoted Ali Kardar, the head of Article 44 of NIOC, as saying.
Article 44 refers to an article of the Iranian Constitution which has been interpreted as encouraging privatization by the government of President Mahmoud Ahmadinejad.
Kardar said that at present over 13 percent of the exploration shares are on offer at the stock market.
Regarding the existing shareholder make-up of the Northern Exploration Company, Kardar said, "Besides the 10 percent of shares that have been passed to the Armed Forces Social Security Organization for settlement of debts, 5 percent has been given to the workers on a preferential basis and the other 5 percent to the company's managers."
He said the shares will be sold soon.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment