Iran’s captal market planning to finance petrochemical projects

TEHRAN (FNA)- Head of Security and Exchange Organization (SEO) Ali Salehabadi said the capital market plans to finance petrochemical projects by setting up a special fund.

Salehabadi said SEO had struck a deal with Petroleum Ministry and National Petrochemical Company (NPC) on creation of an especial fund with the aim of funding ongoing petrochemical projects.

He further said SEO and NPC are also working on a plan to finalize necessary mechanisms for membership of the petrochemical companies in the fund.

He added NPC and SEO has reached consensus on offering petrochemical products on mercantile exchange in a way that helps to transparency in transactions.

Elsewhere in his remarks, head of SEO said that Petroleum Minister had stressed on offering crude oil and gas condensate in Energy Bourse.

“Since more than a week ago offering of gas condensate has started in Energy Bourse and under a bylaw issued by Petroleum Ministry the product will be sold just through the bourse procedures,” Salehabadi said.

He added that crude oil will be offered in Energy Bourse just for domestic transactions so that private sector and oil refineries be able to meet their needs to the product.

According to Salehabadi, since launching early this year, Energy Bourse transactions have reached 90 thousand tons worth 1.180 billion rials while in its electricity market; it has traded 161 thousand megawatts of electricity worth 570 billion rials.

“During the first year of its establishment energy transactions have reached 1175 billion rials which is satisfying for the first year of activity,” the SEC head said.

On the status of the Persian Gulf Holding comprising 15 petrochemical companies, he said Mobin and Fajr petrochemical complexes will remain part of Persian Gulf Holding under an agreement hit with NPC.

By Fars News Agency

 

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