Iran News ...


7/12/03

Iran's oil giants to merge soon

Two major Iranian oil corporations, Petropars and Petro Iran, have announced that they will soon merge to form a giant Middle Eastern oil company, IRNA reported from Tehran on Saturday quoting the local press.

The Persian-language daily `Entekhab' wrote that following a reshuffle in the management of Petro Iran, the government is considering to increase the country's capabilities in oil exploration by establishing a new oil company.

Entekhab added that the Iranian oil company of `Niko' whose shares completely belong to the Oil Ministry has recently bought the shares of Petropars and Petro Iran.

It also wrote that the Oil Ministry is planning to appoint Rahim Nejad-Hosseinian as the chairman of the Board of Managers of the merged companies.

... Payvand News - 7/12/03 ... --



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