Masoud Karbasian Archives - Iran News Daily

Stock market offers $1.9b for funding oil projects in 8 months

reporter 1222 — Wed, 16 Oct 2019 07:01:40 +0000

TEHRAN (Iran News) – Managing Director of the National Iranian Oil Company (NIOC) Masoud Karbasian said NIOC has managed to attract 80 trillion rials (about $1.9 billion) of funding for oil projects through the stock market during the past eight months.

“We need financial resources to carry out oil projects and to finance such projects we shouldn’t solely rely on government resources; public funds can also be used to implement such projects,” Karbasian told ILNA on Tuesday.

“Investing in oil project can create financial security for people’s capitals,” he said, noting that oil is a public wealth and people have a right to benefit from its profits.

He further underlined the need for directing people’s capitals toward development projects, saying “If liquidity is directed toward production and development it would be far better than going toward inflationary paths.”

He emphasized that “Although the issue of financing through the stock market is not a new subject, we have been following up on this issue since last year and in total, in the last eight months we have collected 80 trillion rials through capital market for financing oil projects.”

Since the re-imposition of U.S. sanctions Iran has been seriously pursuing the involvement of the private sector in the country’s oil and gas sector and since financing and providing liquidity has been for long one of the major issues in the way of domestic companies’ involvement in oil industry, NIOC has decided to offer stocks of some oil projects in the stock exchange to help financing such projects.

In early September, the issue of implementing Iran’s oil projects by domestic contractors was discussed in the 38th session of the country’s Supreme Council of Economic Coordination and rules and regulations pertaining to the subject were approved by the council.

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NIOC to issue fixed-rate bonds to finance oil projects

reporter 1222 — Tue, 29 Jan 2019 12:16:39 +0000

The CEO of the National Iranian Oil Company (NIOC) said the company would start issuing Rls. 10 billion of fixed-rate (Manfa’at) bonds on February 2 with the aim of financing oil projects.

According to Shana, the bonds are being issued for providing the required finances for developing NIOC’s oil production maintenance and enhancement projects and would be put up for sale at Fara Bourse (an over-the-counter market for securities and other financial instruments in Tehran).

Masoud Karbasian said the bonds would be issued by Arvand Saba Oil and Gas Development Company and endorsed by NIOC, adding that issuance of the bonds would continue for three days beginning on February 2.

Arvand Saba, as a special purpose vehicle company (SPVC), has signed a service contract with NIOC for issuance Rls. 30 billion of the bonds.

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Iran parliament votes out economy min. 18 days after sacking labor min.

reporter 1222 — Sun, 26 Aug 2018 10:00:09 +0000

Iranian parliament sacked Iranian Minister of Economic Affairs and Finance (MEAF) Masoud Karbasian in an impeachment session on Sunday more than two weak after sacking Ali Rabiei.

In a very recent change in top economic posts in Iran, Iranian lawmakers voted that Karbasian be impeached and removed from office,

The hearing session started in the morning on Sunday and following the addresses made for and against the impeachment, the votes were collected.

A total of 137 members of parliament voted against Karbasian with 121 members voting in favor of him remaining. Two MPs abstained to vote.

The lawmakers had signed the bill of impeachment with 17 areas of concerns and 33 signatory legislators. Lack of transparency in Iranian economy, the problems caused after fluctuations in the exchange rates of foreign currencies and disorder in the banking system were among the top areas of criticism against the minister.

Just 18 days ago, the parliament had refused to give a vote of confidence to Iran’s Minister of Cooperatives, Labour and Social Welfare, Ali Rabiei.

On July 25, Presdient Rouhani named a new governor for the Central Bank of Iran after his administration was severely blamed for economic problems, including the spiraling down of the value of the national currency.

Karbasian, who had acquired the position a year ago, was sacked just 375 days after winning the vote of confidence in the outset of the new cabinet of President Rouhani after winning office for the second term.

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Iran, China to use national currencies in trade exchanges

reporter 1222 — Mon, 11 Jun 2018 09:30:21 +0000

Iranian Minister of Economic Affairs and Finance (MEAF) Masoud Karbasian said, “under a Memorandum of Understanding (MoU) inked between Iran and China, the two countries will use their local currencies in trade exchanges.”

Speaking on the sidelines of President Rouhani’s visit to China, he said, “concurrently, a number of four Memoranda of Understanding (MoUs) were inked between Iran and China for broadening bilateral trade ties.”

In the same direction, MEAF and Chinese Infrastructure Development Organization signed a MoU in the field of using financial resources of the two countries for investing and using local currencies of the two countries in relevant trade exchanges, Karbasian maintained.

Under the agreement, trade and business relationshiop of the two countries was diagramed within the framework of ‘One Road, One Belt’, based on which, share of the two countries was emphasized in the roadmap.

Moreover, the two countries inked a contract for enhancing bilateral technical and scientific cooperation, he observed.

Turning to the increase of trade exchanges between the two countries, he said, “it was agreed to accelerate activities in the banking, oil and petrochemical fields.”

China is Iran’s first trade partner, he said, adding, “China has maintained its amicable relationship with the Islamic Republic of Iran over the past decade. In addition, China is the first and largest buyer of Iran’s oil.”

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