11 August 2009
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.
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.
© Iran Daily 2009
