Stock market offers $1.9b for funding oil projects in 8 months
Managing Director of the National Iranian Oil Company (NIOC) Masoud Karbasian said NIOC has managed to attract 80 trillion rials (about $1.9 billion) of funding for oil projects through the stock market during the past eight months.
We need financial resources to carry out oil projects and to finance such projects we shouldn’t solely rely on government resources; public funds can also be used to implement such projects,” Karbasian told ILNA on Tuesday.
"Investing in oil projects can create financial security for people's capitals," he said, noting that oil is a public wealth and people have a right to benefit from its profits.
He further underlined the need for directing people’s capitals toward development projects, saying “If liquidity is directed toward production and development it would be far better than going toward inflationary paths."
He emphasized that “Although the issue of financing through the stock market is not a new subject, we have been following up on this issue since last year and in total, in the last eight months we have collected 80 trillion rials through capital market for financing oil projects.”
Since the re-imposition of U.S. sanctions Iran has been seriously pursuing the involvement of the private sector in the country’s oil and gas sector and since financing and providing liquidity has been for long one of the major issues in the way of domestic companies’ involvement in oil industry, NIOC has decided to offer stocks of some oil projects in the stock exchange to help financing such projects.
In early September, the issue of implementing Iran's oil projects by domestic contractors was discussed in the 38th session of the country's Supreme Council of Economic Coordination and rules and regulations pertaining to the subject were approved by the council.
source: Tehran Times
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Gold loses some luster after Trump’s decisive win
Resolute Mining says it will pay Mali $160 million in tax dispute
BHP to spend up to $14 billion on Chilean copper expansion
Newmont sells Ontario gold mine to Orla for $850 million
South Africa police standoff with illegal gold miners escalates
Trump chooses oil fracking boss as energy secretary
BHP warns Australian mining not ready for low-cost competitors
Filo expands copper-gold Aurora zone in Argentina amid sale
Mining’s old guard needs strong medicine
Adani’s Australian coal unit faces human rights complaint
Hedge funds slash bullish wagers on gold before war jitters
Gold price set for biggest weekly jump in 20 months on haven demand
Marimaca Copper eyes ASX dual listing to boost Chile project
Osisko Development surges on permitting milestone for Cariboo gold project
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Filo expands copper-gold Aurora zone in Argentina amid sale
Mining’s old guard needs strong medicine
Adani’s Australian coal unit faces human rights complaint
Gold price set for biggest weekly jump in 20 months on haven demand
Marimaca Copper eyes ASX dual listing to boost Chile project
Osisko Development surges on permitting milestone for Cariboo gold project
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence