NIGC MD Denies Bankruptcy Rumors (Iran)

The Iranian deputy oil minister Hamidreza Araqi has denied media reports about the bankruptcy of the National Iranian Gas Company (NIGC).

Araqi, who is also the managing director of the NIGC, said that the company needs over $6 billion in the next Iranian calendar year, which starts on March 21, 2014.

Although the company may face problems at some periods of time, but bankruptcy is not an issue of concern,” he said, adding the company experience high levels of annual turnover, at the same time needs the support of both government and parliament to implement its projects.

At the present time, more than 65 million people including 95 percent of the urban households and 56 percent of the village households in the country enjoy the natural gas,” he stated.

According to NIGC’s chief, indebtedness of some of power stations, industries, petrochemical plants and CNG stations to NIGC in line with payment a part of subsides by NIGC are the main factors that have faced the company with financial problems.

He went on to say that, by taking new measures it is hoped the company to succeed to provide its needs to liquidity so the company has no special concerns.

Negotiations with parliament and government are underway for allocating an adequate budget to NIGC for next year,” Araqi concluded.

LNG World News Staff, November 20, 2013

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