PICTORY

Iran's oil problem Iran said

Iran's oil problem

Iran said to privatise $90 bln of energy assets
DUBAI (Reuters) -

Iran plans to privatise 47 firms in its energy sector worth $90 billion (46.2 billion pounds) and set up a holding company for these assets which it will list on four international exchanges, a National Iranian Oil Company (NIOC) executive said.

The plan would see the oil and gas companies put under an umbrella group to attract foreign investment, Hojatollah Ghanimi-Fard, director of international affairs at NIOC told the London-based Middle East Economic Digest (MEED).

He said the firms would also be listed in Tehran by 2014.

"We decided the Iranian stock exchange may need to have some support financially from outside stock exchanges, especially for the oil sector, because the money involved is too much (for Iran)," Ghanemi-Fard told the magazine, without naming the firms.
Iran, the world's fourth-largest crude exporter, tried to revive its stalled privatisation plan in 2006 by ordering the floating of 80 percent of several firms. But it said the upstream oil sector and key banks would remain in state hands.

The 2006 list included NIOC subsidiaries, such as Petropars, set up in 1998 to help develop part of Iran's huge South Pars gas field and which has since signed energy deals in Venezuela.
Other NIOC subsidiaries included Petroiran Development Company and North Drilling Company. Firms affiliated to Iran's petrochemical industry were also on the list.
Deals have already been signed to list the holding company on markets in two of Iran's neighbours and two Asian countries, Ghanemi-Fard said, adding that more details would be given by the end of March. He declined to name the exchanges..".

http://uk.reuters.com/article/businessNews/idUKL09...

Largest revenue producing company in the world

If you look at the Guiness book of world records from 1976-77 you will see that NIOC was the largest revenue producing entity in the world. Larger than GE, GM, shell, B of A, etc. etc. That was the most gratifying momemt for iranians that NIOC (albeit it was a state owned compnay) was the largest company in the world. How far we have fallen from grace thanks to the mismanagement and inefficiens of the Mullahs and their cronies. Only Islam can be this ineffective in the lives and greatness of human beings.

gone with the wind

National Iranian oil company was once among the top ten oil companies in the world. look at where we were and where we are now. times certainly have changed.