Sep 23, 2007, 5:03 PM

Iran’s first oil company to be privatized by Oct. 22

TEHRAN, Sept. 23 (MNA) – The shares of Fanavaran Petrochemical Company, Iran’s first privatization-bound oil company, will be sold in the Tehran Stock Exchange (TSE) by Oct. 22, said the deputy of Iranian Privatization Organization (IPO) here on Sunday.

Talking to MNA, Mehdi Oqadaii added that 14.186 trillion rials ($1.5 billion) worth of state-run companies’ stocks have been offered in the first half of Iranian year (started March 21).

He estimated the previous month’s privatization rate at 10.67 trillion rials ($1.1 billion), naming the National Iranian Copper Industries Company (NICIC) as the main one.

The official announced that the major part of NICIC shares was offered as “shares of justice”, adding 19 other companies are ready to be offered in the TSE, eight of which will be offered by tender.

NK/KK

END

MNA

News ID 25066