facebook
twitter
rss
account
search
search
 

Iran to privatize part of drilling company

July 22, 2009 at 1:04 PM   |   Comments

TEHRAN, July 22 (UPI) -- A portion of the North Drilling Co. in Iran will go on the Tehran Stock Exchange on Wednesday as part of a five-year economic development plan.

A 6 percent stake in the company will go on the auction block as an initial public offering to determine a fair market price, the Mehr News Agency reports.

This is the third subsidiary under the Iranian Oil Ministry to go public since February 2008 when the Fanavaran Petrochemical Co. and the Esfahan Oil Refinery became privatized.

The Iran Privatization Organization, a division of the Ministry of Economy, is charged with setting prices and offering public shares on the Iranian stock market.

Privatization efforts in Iran call for at least 5 percent of companies to go into public hands to establish a market price for further offerings.

The Oil Ministry in Iran has a list of 21 companies it intends to offer to the private sector as part of a five-year plan.

The initial offering for the North Drilling Co. was set to go public in March, but was delayed for unspecified reasons.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Jillian Michaels reveals she was fired from 'Biggest Loser' Jillian Michaels reveals she was fired from 'Biggest Loser'
2
Next week's lunar eclipse may feature the color turquoise Next week's lunar eclipse may feature the color turquoise
3
John Wayne Gacy room at Rob Zombie's haunted house angers victims John Wayne Gacy room at Rob Zombie's haunted house angers victims
4
Pakistani leader intimately connected to IS Pakistani leader intimately connected to IS
5
Boston Herald apologizes for 'racist' Obama cartoon Boston Herald apologizes for 'racist' Obama cartoon
Trending News
x
Feedback