Iran to finally hold IPO for world’s largest gas condensate refinery
Iran is planning to list the shares of the world’s largest gas condensate refinery as part of a plan to boost the flow of liquidity to the multi-billion dollar facility.
Authorities said on Monday that 10% of the shares of the Persian Gulf Star Refinery will be listed on the local stock market in Iran in the very near future.
CEO of SHASTA, a state-run holding that controls the majority of shares at the PGSR, said that an initial public offering (IPO) had been decided for the refinery in 2018 but it was cancelled due to disagreements between the Iranian Oil Ministry and the country’s central bank.
Aref Norouzi said that the PGSR’s listing in the stock market will double the value of SHASTA and its oil and gas subsidiary.
The PGSR produces 45 million liters per day of gasoline and 12 million liters of diesel, sulfur and jet fuel. It is located in the southern Iranian port of Bandar Abbas and relies of feedstock from various phases of South Pars, the world’s largest gas field located on the maritime border between Iran and Qatar.
SHASTA controls 49% of shares in PGSR, whose value is estimated to be above $10 billion, while Iran’s Oil Ministry’s pension fund has 34.5% of the shares and the Iranian government controls the remaining 17.5%.
Responding to a question about concerns that the PGSR may face feedstock problems in the coming years because of potential pressure drops at South Pars, Norouzi said the Iranian governments has guaranteed to ensure the flow of feedstock supplies to the refinery either from other fields or through imports.
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