Iran’s major drilling company to be privatized before year end

20.09.2007

According to a spokesman of National Iranian Oil Company, a decision has been made to privatize three drilling companies: National Iranian Drilling Company (NIDC), North Drilling Company (NDC) and Pira Haffari Company. Privatization of the companies will be carried out according to Article 44 of Iran’s Constitution. As NIDC’s drilling market share is nearly 95%, part of its rig fleet will be transferred to other oilfield services companies. The move aims to avoid monopolization of the drilling market. NIDC privatization will be completed before the end of 2007, while the two other companies will be privatized by March 2008.

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