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Gov’t Will Sell Stakes in Oil Firms to Settle Debts

Gov’t Will Sell Stakes in Oil Firms to Settle Debts  Gov’t Will Sell Stakes in Oil Firms to Settle Debts

The government is planning to repay its debts to private companies by selling its stakes in state-controlled petrochemical and refinery companies, according to a member of Tehran Chamber of Commerce, Industries, Mines and Agriculture.   
Reza Padidar, head of TCCIM’s Energy Commission, pointed to the Oil Ministry’s initial agreement to a proposal by the commission based on which the government sells its shares in refineries and petrochemical companies to settle its mountain of debts. 
“The plan is being reviewed by the Plan and Budget Organization and the Ministry of Economy,” IRNA quoted him as saying. 
Padidar noted that the Oil Ministry is positive about the new approach.  
Many private businesses and contractors in the energy sector are struggling to get paid following economic problems sparked largely by the new US sanctions. 

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