Abdolhossein Rouhalamini, a member of the Program and Budget Commission of the Islamic Consultative Assembly, has commented on the administrative steps for offsetting part of the shares of the Persian Gulf Petrochemical Industries with claims in the health sector. According to him, this process is underway and will soon enter the implementation phase.
Details of Debt Settlement
Rouhalamini announced that about 80 trillion rials of the debt settlement related to the Ministry of Health will be provided from the shares of the Persian Gulf Holding. This refers to the pursuit of a similar mechanism for paying off the debts of the health system in the budget for the year 1406. An examination of clause "J" of Note 4 of the budget law for the year 1404 shows that this 80 trillion rials is designated for settling the debts of universities and medical sciences colleges and health service centers.
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Method of Share Transfer
According to this decree, the government is required to transfer the equivalent of 80 trillion rials of shares through the Privatization Organization and by holding a public auction by the end of Shahrivar 1404. This mechanism aims to secure financial resources for settling the debts of these entities to individuals and legal entities, including pharmaceutical companies. However, the Court of Audit of the country announced in Bahman 1404 that less than 10 trillion rials of these shares have been transferred.
Rouhalamini has also expressed concern about how much of the remaining government commitment will be covered by these shares. The published information regarding the exact amount of shares and the identity of the transferring and final receiving shareholders is unclear. Therefore, until the details of the transaction are announced, it is not possible to conclude about the impact of this transfer on the ownership and management structure of the Persian Gulf Holding.
Consequences of Share Transfer
The Persian Gulf Petrochemical Industries is one of the largest petrochemical holdings in the Middle East and plays a key role in non-oil exports and the development of the value chain of Iran's petrochemical industry. Therefore, using shares of such an entity to settle government debts must be done with complete transparency and consideration of its consequences.
Ultimately, the Ministry of Economic Affairs and Finance is required to provide a detailed report on the transferred shares to the relevant commissions of the Parliament. This action can help clarify the dimensions of this case and ensure that the transfer of shares does not become a tool for settling government debts.
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