Iran to privatize Shahzand Petrochemical Company

Processing Materials 22 August 2022 13:21
Tehran, Iran Trend News Agency
Iran to privatize Shahzand Petrochemical Company

Iran is planning to privatize the Shahzand Petrochemical Company in the current Iranian year (started March 21, 2022), said the Deputy Minister of Economic Affairs Abbas Hosseini, Trend reports citing ILNA.

Shahzand Petrochemical Company valued at 33 trillion rials (about $7.8 billion) is owned by the Bank Melli and will be allocated as part of the bank's surplus assets at the capital market, he said adding that the government agenda is to reform the banking network.

Hosseini stressed the necessity to reform banks' financial structure, improve the quality of banks' capital, and solve the lack of balance in banks.

According to the official, the government's debt to banks since 2019 was 150 trillion rials(about $35 billion) that will be partly paid in the current year.

Shazand Petrochemical Company is one of the largest petrochemical complexes in the country with an annual capacity of 17,000 tons of basic, polymer, and chemical products.