Iran Financial News
The Government has assigned the Ministry of Roads and Transportation to cede the shares of Iran Air Tour, Aseman and 46% shares of Iran Air to the private sector.
The Ministry is planning to merge 4 private companies and 3 governmental companies (all of which are transportation companies) and establish one governmental and one private company, the Minister of Roads and Transportation, Mr. Khorrami stated.
Mr. Khorrami added that after the inauguration of Sina Air Traffic Control Center, currently the Iranian air space is under full radar and control coverage. Iran has 2 air traffic control centers and 12 radars, making the country the most advanced in ATC coverage among its neighboring countries.
NIPIC signs new polyethylene contract
National Iranian Petrochemical Industries Company (NIPIC) and Royal Dutch Shell awarded a consortium comprising the German Lurgi Company and the Iranian Sazeh Engineering Firm a contract for construction of a light polyethylene unit, NIPIC’s Public Relations Office reported on 4 December 2001.
Despite tough international competition, Lurgi and Sazeh won the tender. The project will be carried out in the Special Petrochemical Economic Zone.
Ethylene feed of the 300,000-ton unit, which is the biggest polyethylene unit outside Europe will be procured by the olefin unit of Maroun Petrochemicals. The undertaking is to be completed within 29 months.
NPC’s production of petrochemicals in Mehr
National Petrochemical Company (NPC) produced more than 1 million tons of petrochemicals in the Iranian month of Mehr 1380 (23 September - 22 October 2001), according to a report published by the Public Relations Office of NPC.
The report stated that NPC’s export in this month amounted to 278,000 tons valued at $47 million.
The report added that domestic sales of the company in the said month totaled 315,000 tons valued at Rls539 billion ($74 million).
Debt repayment through Surplus Fund
A request to repay $2.5 billion of Iran’s forex debt out of the Forex Surplus Fund has been presented to the Cabinet by the Central Bank of Iran (CBI), Deputy Governor for Foreign Currency of the CBI, Jafar Mojarrad stated.
Mr. Mojarrad added that one of the biggest challenges for CBI is to reach a real forex through the utilization of market mechanisms.
Mehdi Asali, Head of Microeconomics Division of the Management and Planning Organization (MPO) mentioned the budget deficit as the main obstacle of the unification of the forex rate.
Guardian Council rejects LAPFI again
Dated: 4 December 2001
The Guardian Council (GC) rejected the Law on Attraction and Protection of the Foreign Investment (LAPFI) for the second time.
GC rejected LAPFI, in 18 points, stating that some of its articles contradict Iran’s Constitution as well as the Islamic law.
Among others, priority was given to foreign investors over domestic ones, representing a disadvantage to domestic investors. Also, the ownership of foreign investors has not been limited. This may result in foreign domination over certain sectors of Iran’s industry, damaging the national security, endangering the country’s independence and the national interest.
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