• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 3 hours Even Shell Agrees with Climate Change!
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Iran’s Desperate Attempt To Settle Its Debts

Iran’s government plans to pay its debts to private firms with proceeds it aims to raise by selling stakes in state-held refining and petrochemical companies, Iranian economic daily Financial Tribune reports, citing a member of the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIM).   

Iran’s government is currently reviewing a proposal by TCCIM’s energy commission to sell shares in refineries and petrochemical firms in order to settle the huge debts it has accrued with private companies and contractors, Reza Padidar, head of TCCIM’s Energy Commission said, as carried by Financial Tribune. 

Amid Iran’s economic struggles, largely due to the U.S. sanctions on its oil, shipping, and banking industry, many contractors and private businesses in Iran’s energy industry are not getting paid for the work they have done for government entities. 

Due to the lack of payments, some of the private firms in Iran operate at around a quarter of their usual capacity and are on the cusp of halting operations, according to Padidar.

Iran has tried to sell in the past its stakes in several state-controlled energy enterprises, including six refineries, but no buyers were interested, as expected.

Related: A ‘’Gusher Of Red Ink’’ For U.S. Shale

Iran’s Economy Minister Farhad Dejpasand has recently said that the government plans to amend the regulations on stake divestments and try to sell stakes in refineries again, according to Financial Tribune.

Meanwhile, Iran’s economy is struggling under U.S. sanctions and “has entered a steep recession,” with output expected to drop by 9.5 percent this year, the International Monetary Fund (IMF) said in a report on Monday.

“Iran’s main export, oil, is severely restricted, and imports have collapsed,” the IMF noted. 

Iran’s fiscal breakeven oil price—the one at which the country would be able to balance its budget—is US$194.60 a barrel for 2020, and US$155.60 per barrel for 2019, according to the IMF.   

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News