TAPPICO to Double Capital

TAPPICO to  Double CapitalTAPPICO to  Double Capital

Tamin Petroleum and Petrochemical Investment Co. (TAPPICO) aims to double its capital for investment in petrochemical contracts, said financial manager, Shana reported.

The petrochemical projects include: Siraf refinery in Boushehr, Persian Gulf Star Oil Co., Fanavaran Petrochemical Co. 2, and Iranol Oil Co. "We seek a 100 percent capital increase to start operations in these projects," said Vahid Bagheri.

TAPPICO owns 42 subsidiary companies and mainly targets petrochemical and refinery projects. He said that a number of TAPPICO's subsidiaries have embarked on increasing investments over the past year to carry out new projects.

The annual general meeting of TAPPICO is to be held on September 20.

Currently at $1.1 billion, TOPPICO aims to double its total equity to $2.2 billion from its retained earnings. The Securities and Exchange Organization (SEO) has approved TAPPICO's 100 percent fund increase.