Iran to float energy umbrella funds

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 11 February 2008 03:00 GMT

Iran plans to privatise 47 companies in its energy sector worth $90 billion and set up a holding company for these assets which it will list on four international exchanges, an executive of the state-owned National Iranian Oil Company (NIOC) said.

The plan would see the oil and gas companies put under an umbrella group to attract foreign investment, Hojatollah Ghanimi-Fard, director of international affairs at NIOC told the London-based Middle East Economic Digest (MEED), Reuters reported.

He said the companies would also be listed in Tehran by 2014.

"We decided the Iranian stock exchange may need to have some support financially from outside stock exchanges, especially for the oil sector, because the money involved is too much (for Iran)," Ghanemi-Fard told the magazine, without naming the companies.

Iran, the world's fourth-largest crude exporter, tried…

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