Armed forces must pull out of energy business

Armed forces and the largest state pension fund must withdraw their holdings and sell their businesses, announces the President Rouhani as the only way to save the country’s economy, repots Bloomberg. The divestment will start from the energy sector and applies to the Revolution Guard Corps as well.

Divestiture will focus on petrochemical plants and refineries, says Reza Padidar, a board member of Tehran Chamber of Commerce, and the plan will start from the Iranian new fiscal year.

Iran’s key refinery, Persian Gulf Star Refinery, which is under construction by Khatam-al Anbiya, a construction conglomerate managed by the Revolutionary Guards, will not be sold before its complete expansion. Persian Gulf Star Refinery, the biggest condensate refining facility in the Middle East, has a final capacity of processing 360,000 barrels per day.

See the original article: Iran Orders Armed Forces to Sell All Energy, Business Assets