Iran to Privatize 3 Drilling Companies

A03322163.jpgThree drilling companies will be privatized, said a National Iranian Oil Company (NIOC) official here on Friday. Talking to MNA, Ali Kardor added that the National Iranian Drilling Company (NIDC), North Drilling Company (NDC), and Pira Haffari Company are the privatization-bound affiliates, Tehran Times reported.

Since the NIDC holds 95 percent of drilling market, a number of its drilling rigs will be offered to other companies, he said.

Of the NIDC’s 40 derricks, 10 will be given to the NDC, he said, adding the move aims to rid the NIDC of monopolistic strategy.

Another 10 will go for Pira Haffari Company in a bid to give the three companies an equal chance in the Tehran Stock Exchange (TSE).

Kardor said that the NDC will be privatized by Dec. 21, adding the privatization of the other two companies will take place next Iranian year (to start March 20, 2008).

The companies’ shares will be presented at various values, he added.

The companies are privatized in line with enforcement of Article 44 of the Constitution

Check Also

Iran Update, July 16, 2024

Iranian President-elect Masoud Pezeshkian is articulating a foreign policy that is a continuation of the …