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April 12 (plastemart) -- 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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