Iran’s largest refinery says listing planned for next year
The Persian Gulf Star Refinery (PGSR), the largest in the country and the biggest producer of natural-gas condensates in the world, will list shares in the local stock market in the next Iranian calendar year starting late March.
Managing director of the PGSR said on Thursday that an initial public offering (IPO) for the government company owning the refinery will be possible next year once the third phase of the development plans at the refinery is concluded.
Mohammad Ali Dadvar said that production of gas condensates in the PGSR would hit a target of 540,000 barrels a day until March, allowing the company to enjoy a better position once it floats in the Tehran Stock Exchange.
“There would be a price bubble if we want to enter (the bourse) in the current circumstances,” said Dadvar, adding that an IPO next year would be much more attractive for the buyers.
The official said the PGSR has a “strategic” role to maintain the balanced supply of energy products both inside Iran and in the Middle East region.
He said the refinery is currently pumping nearly 45 million liters of gasoline a day, matching nearly a half of Iran’s domestic demand and allowing the government to begin exports of the fuel.
Dadvar said the refinery’s export basket would diversify in a near future to include high-end products like all forms of solvents, sulfur compounds, liquefied petroleum gas (LPG) and the heavy ends.
Exports of gasoline from Iran, a country that was dependent on imports of the fuel only a decade ago, became possible in summer when the PGSR increased its output.
Authorities have said they would increase exports to three million tons if there is sufficient demand in a local energy exchange market.
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