TEHRAN, July 23 (Mehr News Agency) - The cabinet approved on Sunday the privatization of 40 percent of the National Iranian Copper Industries Company (NICICO), Mobarakeh Steel Company, and Iranian Aluminum Company (IRALCO).
The companies will be privatized in installment in the domestic stock exchange and via international marketing.
The privatization of 5 percent of some insurance companies and banks which are Bimeh Dana, Bimeh Alborz, Bimeh Asia, Bank Tejarat, Bank Saderat Iran, Bank Mellat, Bank Refah, and Post Bank was also ratified in the cabinet's Sunday session.
Talking to MNA, Gholamhossein Elham added that a hundred percent of 13 oil companies and 49-85 percent of the four other will be privatized in the current Iranian year (started March 21, 2007).
He referred to Petropars, Petroiran Development Company, North Drilling Co. and the petrochemical companies of Ghadir, Amir Kabir, Fanavaran, and Bisotun as the main privatization-bound companies.
Hassan Soltaninia, also the ministry's plenipotentiary representative, added that the government's and Qeshm Free Zone Organization's (QFZO) goal is to increase the country's economic strength and to promote economic security and national sovereignty.
To fulfill the goal, the QFZO intends to offer 15 facilities to the investors, including a 15-year tax dispensation, 100 percent free participation in foreign investment, employment permit for foreign manpower, discount for import tax, no visa for entering the island, and other incentives.
... Payvand News - 7/24/07 ... --