Gov't to Sell Stake in Refineries to 3 Banks

Residue shares of the government in four major refineries and some state-run companies are to be sold to three semi-private banks, it was decided at a Cabinet meeting in Tehran on Sunday. 
The Iranian Privatization Organization is obliged to sell shares in refineries and three other companies worth 435 trillion rials ($1.72 billion) to Bank Mellat, Bank Saderat Iran and Tejarat Bank, according to the government website dolat.ir. 
The shares are in Tehran Oil Refining Company, Esfahan Oil Refining Company, Tabriz Oil Refining Company and Bandar Abbas Oil Refining Company plus the National Investment Company, Heavy Equipment Production Company (HEPCO) and Iran Transfo company. 
It is said that the aim is to procure funds for the parliament-backed scheme to pay cash subsidies to low-income households and reimburse part of the government debt to the three banks.