According to the Fourth Five-Year Economic Development Plan (2005-2010), the Privatization Organization of Iran affiliated to the Ministry of Economic Affairs and Finance is in charge of setting prices and ceding shares to the general public and on the stock market. The privatization effort is primarily backed by reformist members of the Iranian government and society who hope that privatization can bring about economic and social change. Iranian president Mahmoud Ahmadinejad, a staunch conservative, has on several occasions lambasted the privatization policies and tried to counteract them.^{[citation needed]}

In 2007, Supreme Leader Ayatollah Khamenei requested that government officials speed up implementation of the policies outlined in the amendment of Article 44, and move towards economic privatization. Khamenei also suggested that ownership rights should be protected in courts set up by the Justice Ministry; the hope was that this new protection would give an additional measure of security and encourage private investment.^[2][3][4] Despite these statements, true official backing for privatization remains very slow due to political reasons.

It is widely believed that if current governmental organizations are privatized they will need to become more efficient. At present many are not profitable due to the large numbers of unnecessary employees that have been hired by the government in order to reduce unemployment. Furthermore, many of these companies are subsidized by oil revenues. True privatization will inevitably lead to many unpopular job cuts and large scale lay offs.^[5]

The current privatization effort calls for an initial public offering (IPO) of five percent of the firms being privatized. Once the five percent is public, it will establish a market price which further offerings can be based on.^[6] According to a study conducted by the IMF in 18 countries, privatization adds 2 percent to the government’s GDP per annum. ^[7]

Contents 1 The Iranian Constitution 2 Background 3 "Justice shares" plan 3.1 Criticism 4 Shares for workers 5 Iranian expatriates role 6 Foreign investment 7 Top 100 Iranian companies 7.1 Valuation 8 Major Companies listed for privatization 8.1 Banking & Insurance 8.2 Industry 8.3 Utilities 8.4 Mines & Metals 8.5 Transport 8.6 Telecommunication 8.7 Oil, gas and petrochemicals 9 Progress 10 References 11 See also 12 External links

[edit] The Iranian Constitution

According to the Article 44 of the Iranian Constitution, the economy of Iran is to consist of three sectors: state, cooperative, and private; and is to be based on systematic and sound planning.

• The state sector is to include all large-scale industries, foreign trade, major minerals, banking, insurance, power generation, dams and large-scale irrigation networks, radio and television, post, telegraph and telephone services, aviation, shipping, roads, railroads and the like; all these will be publicly owned and administered by the State.

• The cooperative sector is to include cooperative companies (Bonyad) and enterprises concerned with production and distribution, in urban and rural areas, in accordance with Islamic criteria.

• The private sector consists of those activities concerned with construction, agriculture, animal husbandry, industry, trade, and services that supplement the economic activities of the state and cooperative sectors.

A strict interpretation of the above has never been enforced in the Islamic Republic and the private sector has been able to play a much larger role than is outlined in the Constitution. In recent years, the role of the private sector has been further on the increase. Furthermore, an amendment of the article in 2004 has allowed 80 percent of state assets to be privatized (ref: Note C, article 44 of Constitution).^[8]

[edit] Background

Immediately following Iranian Revolution in 1979 and the outbreak of the Iran-Iraq war over 80% of Iran's economy came under the control of the government. This created numerous problems for Iran as previously internationally competitive companies, such as Iran Air or Iran Khodro, degraded into basic domestic companies that could barely function without massive government subsidies - primarily derived from oil revenues.

After the Iran-Iraq war in 1988, the Iranian government declared its intention to privatize most state industries in an effort to stimulate the ailing economy. The sale of state-owned factories and companies proceeded slowly, however (mostly because of the opposition in Majlis), and most industries remained state-owned in the early 21st century (70% of the economy as of 2006). The majority of heavy industry —including steel, petrochemicals, copper, automobiles, and machine tools— was in the public sector, while most light industry was privately owned.

In 2004, under the presidency of reformist Mohammad Khatami a number of efforts were made to eliminate the role of the government: The Tehran Stock Exchange was re-launched allowing a mechanism by which to sell shares of government companies, elements of the constitution (article 44) which decreed that core-infrastructure should remain state run was eliminated,^[9] and private banks were launched.

Despite plans to sell billions worth of state assets to the private sector, uptake was very slow. A common criticism of the privatisation effort by investors was the only local Iranian organisations that are capable of buying the large share blocks are themselves government owned. Also analysts have blamed international fears about the Iranian nuclear programme and an absence of transparency and information reporting for the lack of enthusiasm for state assets. In 2005, Iran tried to sell $2.5bn of government assets but only managed to offload less than 30 per cent.^[10] At present, at least 20 percent of the companies slated for selloff are officially loss-making. While the rest have earned an average profit of 5.5 percent in recent years, that figure does not take into account the extensive political and economic incentives and monopoly protections that they enjoy.^[11]

The Central Bank of Iran indicate that 70 percent of the Iranians own homes ^[12], with huge amounts of idle money entering the housing market. However, if the stock market grows stronger, it will undoubtedly attract idle capital.^[13]

In July 2006, Supreme Leader Ayatollah Khamenei decreed a renewed effort to privatise the economy and said in his order that “ceding 80 per cent of the shares of large companies will serve to bring about economic development, social justice and the elimination of poverty”. The decree is also an effort to revive Iran’s stalled privatization programme and kick-start the country’s many uncompetitive industries, which are heavily protected by subsidies.^[10]

Some 80 percent of the companies which are subject to Article 44 of the Constitution would be transferred to public ownership, 40 percent of which will be conducted through the "Justice Shares" Scheme and the rest through the Bourse Organization. The government will keep the title of the remaining 20 percent.^[14]

In February 2008, Iran announced that 3 newly formed Investment Banks (Amin, Novin^[15] and Pasargad) will take share subscriptions and act as an intermediary between the Privatization Organization and the stock exchange, helping Iran divest state-owned enterprises.^[16]

[edit] "Justice shares" plan

The government has approved a plan to offer shares to low-income families, starting with the poorest. Under the “Justice Shares“ plan, millions of Iranian families will receive shares in state-owned firms, the value of which will be reimbursed in 20 years from the dividends generated by those shares. The holding period for those shares is a minimum of 2 years. The project is in line with President Mahmoud Ahmadinejad’s election promise to improve the condition of Iran’s poor. Ahmadinejad in July 2005 promised to distribute shares to Iranian families, adding that these shares would be from state-run companies that must be privatized.^[17] The poorest strata of society shall receive justice shares at a 50 percent discount and will pay the said amount in 10-year installments. Villagers and nomads shall have priority in this respect.^[18]

Those covered by charity services rendered by the Imam Khomeini Relief Committee and the State Welfare Organizations as well as the jobless war veterans are prioritized in the first phase of the justice shares initiative. In the second phase, rural population and tribesmen will receive the shares.

Directives on identifying those eligible to receive justice shares (in the second phase) have been issued and the shares will be distributed (among the rural residents and the tribesmen) after receiving their national code number. Up to 6.5 million rural residents who qualify for the shares have been identified and that 1.2 million more people are yet to complete their documents. The Government is promoting the shareholding culture in Iran. The total number of shareholders has reached 700,000 people and this figure is expected to reach 24-25 million. In December 2006, the Government informed that some 4.6 million low-income Iranians had received Justice shares worth $2.5 billion as part of the privatization scheme. Each person received around $550 in shares with a maximum of 5 payments for each family.^[19]

In February 2008 the Iranian Economic Ministry announced that some 15 million rural people out of 23 million are entitled to justice shares by the next Iranian year (to start March 20, 2008).^[20] In November 2008 Iran announced that some 22.5 million people have received justice shares.^[21] However, in 2009 labor leaders complained that workers have received hardly any.^[22] More than seven million people have been categorized in the lowest-income bracket.^[23] By mid-June 2009, it was reported that almost 40 million people had received justice shares.^[24]

[edit] Criticism

The waves of privatizations in Iran have been criticized by both labor and business leaders, albeit for different reasons.^[22] Some observers have argued that this "privatization" is modeled on the voucher distribution programs of Russia and Czechoslovakia in the 1990s, which, at least in the case of Russia, led to the rise of the oligarchs.^[25]

[edit] Shares for workers

In line with transferring the shares of state firms to their own staff, Privatization Organization has ceded more than 20 million shares of production units worth 18.5 billion rials during Sept-Oct 2008, ISNA reported.^[26]

[edit] Iranian expatriates role

Privatization drive will gain momentum once Iranian expatriates begin to invest in their motherland. Iranian nationals residing abroad are holding significant assets. Many have invested their capital in other countries, following the 1979 Islamic Revolution and the 1980-1988 war. Statistics at hand suggest that close to $10 billion (of goods) were re-exported into Iran last year. Multinational companies, particularly Iranian firms mostly owned and controlled by Army of the Guardians of the Islamic Revolution, are involved in export of goods into the country from Dubai. There are differing estimates of the expatriates’ total capital (1.3 trillion dollars ^[27]), but what is clear is that it is so huge that it will be enough to buy shares of all state companies. In Dubai alone, Iranian expatriates are estimated to have invested up to $200 billion.^[28] If 10 percent of this capital arrives, things will change drastically in Iran.^[29]

In 2000, the Iran Press Service reported that Iranian expatriates had invested about $200 to $400 billion in the United States, Europe, and China, but almost nothing in Iran. The Iranian government's efforts to encourage foreign investment from Iranians in the United States were thwarted in 1997 when President Bill Clinton issued an executive order prohibiting investments in Iran (ILSA).^[30] Nevertheless, FIPPA provisions apply to all foreign investors, and many Iranian expatriates based in the US continue to make substantial investments in Iran.^[31]

The government has proposed setting up a joint investment fund with $5 billion in basic capital and an economic union to serve Iranians living abroad. The stated goal is to attract investment from Iranian expatriates and using their experience in stimulating foreign investments.^[32]

[edit] Foreign investment

Foreign investors can bid in Iranian privatisation tenders, but need permission from the Economy Ministry on a case-by-case basis.^[10] Iran has announced it will begin to allow foreign firms to purchase Iranian state-run companies, with the possibility of obtaining full ownership.^[33]

A subsidiary of Iran's largest bank, Melli Investment Bank with branches in Dubai (UAE) and London, plans to launch a fund of up to $300 million to invest in the Tehran Stock Exchange, providing an alternative venue for foreigners to invest in the Iranian economy. The market, with a capitalisation of $37 billion, is trading at a fraction of the earnings multiples enjoyed by Iran's neighbours, while average earnings continue to grow at about 25 per cent a year. The fund will be composed of blue chip companies like Iran Khodro and will be based in the Cayman Island and managed from Iran.^[34]

[edit] Top 100 Iranian companies

The ranking has been assessed by Iran Industrial Management Company for the past 10 years.^[35] Based on financial statements for March 2005-06, the ’100 top Iranian corporations’ were ranked and announced in a conference in early 2007. According to the economic expert in charge of the rankings, the main index considered was the sales of companies because “Sales figure indicates the growth of a corporation“.

According to the same survey, while 67 percent of the firms have experienced a decline in profit margin, car manufacturers, cement factories, investment institutions and banks have had an increase in the same index. The Iranian year March 2005-06 was a good year for these industries.

Meanwhile, the Persian daily Ettelaat named the top five corporations as follows: Industrial Development and Renovation Organization (IDRO) ranking first with an asset of 112,658 billion rials followed by Iran Khodro Industrial Group with an asset of 65,971 billion rials, Mining Industries Development and Renovation Organization (IMIDRO) with 52,184 billion rials, Saipa car factory with 40,528 billion rials and National Iranian Petrochemical Company with 32,024 billion rials. They were followed by SAPCO, Bank Melli Iran, Bank Saderat Iran, Mobarakeh Steel Co. and Bank Mellat taking the sixth to tenth positions.

Latest statistics show that the number of companies worth over one billion dollars in Tehran Stock Exchange (listed companies only) has reached 12. Among them are National Iranian Copper Industries Company (NICIC shares are worth $5.2 billion), Kharg, Ghadir petrochemical companies, Khuzestan Steel Company, Power Plant Projects Management Company (MAPNA), Retirement Investment Firm, Metal and Mine Investment Companies, Gol-Gohar Iron Ore Company ($2.1 billion), and Chadormalou Mining and Industrial Company. ^[36]

[edit] Valuation

The assets of the top 100 Iranian corporations add up to $86 billion which is less than that of a corporation such as Microsoft.^[37] But this does not account for goodwill (accounting) that increases the real assets value to more than one trillion US dollars.

[edit] Major Companies listed for privatization

Of 1,000 companies awaiting the cabinet’s approval, 240 companies had the green light already to be privatized by March 2008. ^[38]

[edit] Banking & Insurance

Most smaller state banks will be open to flotation, but excluded key banks including the Central Bank of Iran, Bank Melli Iran, Sepah Bank of Iran, Bank of Industry and Mines, Bank of Agriculture, Housing Bank (Bank Maskan) and the Export Development Bank of Iran. The privatization-bound banks are Tejarat, Mellat, Refah, Saderat, and Post Bank (ceding 100 percent of stakes of all 5 banks).^[39]

Three insurance companies to be listed on the stock exchange in 2009 are, Asia, Dana and Alborz.^{[40] [41]}

[edit] Industry

102 companies out of the total 130, affiliated to Industrial Development and Renovation Organization (IDRO), will be privatized by next March (2009) ^[42] Leading automakers Iran Khodro and Saipa are also due to be privatized in March 2008 ^[43].

[edit] Utilities

Mapna Company. Sahand, Bistoun, Shazand, Shahid Montazeri, Tous, Shahid Rajaei and Neishabour power stations are among the profit-making plants, work on privatizing them will be finalized by late March 2007.^[44]Jahrom, Khalij-e Fars (Persian Gulf) and Sahand power plants will be ceded to the private sector in 2009.^[45][46] All domestic power plants will be privatized gradually, except those which should be run by the government to ensure the security of national electricity grid. Power plants of Damavand, Mashhad, Shirvan, Kerman, Khalij-e Fars, Abadan, Bisotoon, Sanandaj, Manjil and Binalood, which have been turned into public limited firms, are ready for privatization.^[47]

[edit] Mines & Metals

National Iranian Copper Industries Co.(NICICO), Mobarakeh Steel Co., Khuzestan Steel Company, Isfahan Steel Mills, Iranian Aluminium Company (IRALCO), Ehdas Sanat Company (ESC) are all candidates for privatization.^[48] The Privatization Organization of Iran has announced that Iranian Aluminium Co. and Bushehr Cement Co. will be privatized in June 2007.^[49]

[edit] Transport

As planned, all airline companies except for Civil Aviation Organisation as well as Ports and Shipping Organisation should be ceded to the people. This covers flag carrier Iran Air and its affiliate Iran Aseman Airlines. The fast-growing Islamic Republic of Iran Shipping Lines has also been lobbying for more independence.^[10] The government has agreed to offer the shares of Iran Post Company in the bourse (2008).^[50] The National Iranian Tanker Company's shares have been offered to the private sector in 2009.^[51]

[edit] Telecommunication

In 2006, the Ministry of Communications and Information Technology announced that it will float the shares of affiliated companies such as Mobile Telecommunications Company in the stock market.^[52]

Under the general policies of Article 44, telecom companies are categorized in four groups as follows:

• Group One: Among the 30 provincial telecom networks, the fixed telecom networks pertain to those of Tehran, Isfahan, Fars, Hamedan, Ahvaz, Khorasan Razavi, Khuzestan and East Azarbaijan. The first group concerns fixed line telecom networks, including those in the public sector with 30 subsidiary telecom networks in provinces. The non-governmental sector includes companies such as Iraphone, Novin, Zahi Kish, Kouh-e Nour, Montazeran Adlgostar and Pouya Ertebat with each having hundreds of thousands of subscribers.

• Group Two: The second group concerns mobile telephone networks. In the public sector, they include the Telecommunication Company of Iran (TCI) to be privatized by March 2008 ^[53]. In the non-governmental sector, they include telecommunications companies such as Omran Kish, Isfahan, Rafsanjan Complex and Irancell.

• Group Three: There is only one public network in the data network sector, namely Data and Telecommunications Company of Iran which is considered a basic telecom network in terms of mobile networks and Shomal IT Company. In the non-governmental sector, there are over 100 companies with a shared data network.

• Group Four: The subsidiary telecom network named Subsidiary Telecommunications Company is another basic telecom network. They are completely owned by the state and not targeted for privatization.

In 2009, 51% of TCI was sold to Etemad-e-Mobin, a consortium belonging to the Iranian Revolutionary Guard Corps for the sum of $7.8 billion.^[54]

[edit] Oil, gas and petrochemicals

• The Supreme Leader said the downstream oil and gas sectors would be privatized but excluded the upstream oil and gas industry, the National Iranian Oil Company, the state companies involved in exploration and the production of crude oil and gas. Some shares will be dual-listed on regional foreign stock exchanges to attract expatriate investors. A list of 21 companies to be privatized will be released by mid-2007.^{[48] [55]} Of these companies, five belong to National Iranian Oil Company (NIOC), nine to National Iranian Petrochemical Company (NPC), five are affiliates of National Iranian Gas Company (NIGC), and two of National Iranian Oil Refining and Distribution Company (NIORDC).^[56] National Iranian Gas Company, the Iranian Oil Terminals Company and the National Iranian Oil Products Distribution Company are also on the list.^[57] The ownership of the jetties, metering facilities and storage tanks will still remain in government hands.^[58] Iranian Oil Terminals Co., a division of the National Iranian Oil Co., has four transport hubs that load more than 2,000 oil tankers per year.^[59]

• Iran is to target foreign investment in its energy sector by creating an umbrella group of nearly 50 state-run firms and listing its shares on four international stock exchanges. Under the privatization plan, 47 oil and gas companies (including PetroIran and North Drilling Company) worth an estimated $90 billion are to be privatized on the Tehran Stock Exchange by 2014. ^[60][61]

• Iran’s National Petrochemical Company (NPC) plans to privatize 17 companies by the end of 2007.^[62] Even though no information has been made public in the media about the price that Iran will charge those companies for their stock feeds (oil and gas). Forty percent of those shares will go to "Justice Shares" for underprivileged citizens in Iran. 20% will be allocated to NPC. 35% will be put on sale on the Tehran Stock Exchange and the remaining 5% will go the Petrochemical Industry personnel. The 20 percent allocated to the NPC is meant to support petrochemical industry projects but may be offered to the private sector in the future.^[63] 89.6 percent of Shiraz Petrochemical Complex, and 27.76 percent of Petrochemical Investment Company will be sold to the public in June 2009.^[64] All shares of domestic petrochemical firms will be offered to the public in the frame of a holding company by the end of Iranian year (ending March 21, 2010).^[65]
• Iran also projects to privatize some of its oil refineries (2009).^[66] This includes 29 percent of the shares of Isfahan Refinery.^[67]

[edit] Progress

Close to 370 trillion rials worth of shares of firms covered by Article 44 of the Constitution have been sold to the private sector in the past three years. The value of government assets are between 1,000 to 1,100 trillion rials ($110 billion), one third of which have been ceded to the private sector (December 2008).^[68]

In 2009 it was reported that 30 percent of the revenues obtained from ceding the ownership of state entities within the framework of Article 44 of the Constitution are allocated to the nationwide cooperatives.^[69]

As of 2009, Iran has privatized $63 billion worth of government equity in state-owned firms since 2005 (out of $120 billion). Subsequently, the disinvestment has brought the government's ownership in the GDP from 80% down to 40%.^[70] Privatization through the bourse has tended to involve the sale of state-owned enterprises to other state actors such as pension funds.^[71]

[edit] References

1. ^ http://www.presstv.com/detail.aspx?id=112444&sectionid=351020102
2. ^ Iran News - Iran's leader urges moves to boost private sector
3. ^ Iran: Supreme Leader calls for acceleration of privatization program
4. ^ [1]
5. ^ http://www.merip.org/mer/mer250/ehsani.html
6. ^ Iran News - Privatization on the go, 19 more to be shared out
7. ^ Iran Daily - Economic Focus - 03/14/07
8. ^ BBCPersian.com
9. ^ Business Day - News Worth Knowing
10. ^ ^{a b c d} FT.com / In depth - Iran to privatise but cling to big oil companies
11. ^ http://www.merip.org/mer/mer250/ehsani.html
12. ^ Iran Daily - Domestic Economy - 04/09/07
13. ^ Iran Daily - Domestic Economy - 12/23/06
14. ^ http://www.iran-daily.com/1387/3300/html/economy.htm
15. ^ http://www.novinib.com/www/index.php?lang=eng
16. ^ Iran to launch investment banks
17. ^ Iran Daily - National - 12/21/05
18. ^ http://www.iran-daily.com/1387/3233/html/economy.htm
19. ^ Iran Daily - Domestic Economy - 11/28/06
20. ^ 10m justice shares to be ceded by March
21. ^ http://www.iran-daily.com/1387/3269/html/
22. ^ ^{a b} http://presstv.com/detail.aspx?id=106538
23. ^ http://www.iran-daily.com/1387/3300/html/economy.htm
24. ^ http://www.iran-daily.com/1388/3421/html/economy.htm
25. ^ Marshall Goldman, The Privatization of Russia (London: Routledge, 2003); and Stephen Kotkin and A. Sajo, eds., Political Corruption in Transition (Budapest: Central European University Press, 2002).
26. ^ http://www.iran-daily.com/1387/3273/html/economy.htm
27. ^ Iran Daily - Domestic Economy - 02/14/07
28. ^ Iran Daily - Domestic Economy - 04/04/06
29. ^ Iran Daily - Domestic Economy - 09/02/06
30. ^ http://www.migrationinformation.org/Profiles/display.cfm?ID=424
31. ^ "Iran", Investment regulations, Economist Intelligence Unit, 19 March 2008 
32. ^ http://www.iran-daily.com/1388/3377/html/economy.htm
33. ^ [2]
34. ^ Financial Times: Iran fund opens bourse to foreign investors
35. ^ Top 100 Corporations Named
36. ^ Iran Daily - Domestic Economy - 11/11/07
37. ^ Iran Daily - Domestic Economy - 02/27/07
38. ^ Iran to privatize 240 companies by March ’08
39. ^ Iran to privatize 5 banks
40. ^ http://www.presstv.com/detail.aspx?id=100447&sectionid=351020102
41. ^ http://www.iran-daily.com/1387/3263/html/economy.htm#s342756
42. ^ Iran-Daily:IDRO to Privatize 102 Companies
43. ^ Iran Daily - Domestic Economy - 09/11/07
44. ^ Iran Daily - Domestic Economy - 01/28/07
45. ^ http://www.iran-daily.com/1387/3294/html/economy.htm
46. ^ http://www.iran-daily.com/1387/3292/html/economy.htm
47. ^ http://www.iran-daily.com/1388/3372/html/economy.htm
48. ^ ^{a b} Iran Daily - Domestic Economy - 05/07/07
49. ^ Iran to privatize 2 companies by June 21
50. ^ http://www.iran-daily.com/1387/3265/html/economy.htm
51. ^ http://www.iran-daily.com/1388/3378/html/economy.htm
52. ^ Iran-Daily: Privatization of Telecom Companies
53. ^ tehran times : Iran to privatize 51% of telecommunication sector by March ’08
54. ^ http://news.yahoo.com/s/ap/20090927/ap_on_re_mi_ea/ml_iran_telecom_2
55. ^ Iran lists 21 oil companies for privatization
56. ^ http://www.iran-daily.com/1388/3438/html/economy.htm#s389724
57. ^ http://www.iran-daily.com/1388/3465/html/economy.htm#s396276
58. ^ http://presstv.com/detail.aspx?id=106538
59. ^ http://www.upi.com/Energy_Resources/2009/09/21/Irans-oil-terminals-move-to-private-hands/UPI-60211253548800/
60. ^ Iran Daily - Domestic Economy - 02/10/08
61. ^ http://steelguru.com/news/index/2009/06/29/MTAwMjI1/Iranian_North_Drilling_Company_to_go_public.html
62. ^ Iran to privatize 17 petrochemical companies by March 20
63. ^ 40% of Iran's petrochemical industry to be privatized as "justice shares"
64. ^ http://www.iran-daily.com/1388/3402/html/economy.htm
65. ^ http://www.tehrantimes.com/index_View.asp?code=199802
66. ^ http://www.tehrantimes.com/index_View.asp?code=191933
67. ^ http://www.iran-daily.com/1388/3402/html/economy.htm
68. ^ http://www.iran-daily.com/1387/3294/html/economy.htm
69. ^ http://www.iran-daily.com/1388/3482/html/economy.htm#s400458
70. ^ http://www.presstv.com/detail.aspx?id=112444&sectionid=351020102
71. ^ "Iran Financial Services Forecast", Economist Intelligence Unit, The Economist, 18 August 

[edit] See also

• List of Major Iranian Companies
• Tehran Stock Exchange
• Labour and tax laws in Iran
• Next Eleven (Economic perspective for Iran by Goldman Sachs)
• Economy of Iran
• Transition economy

[edit] External links

• Privatization Organization of Iran (latest info on the companies being privatized, including regulations)
  • List of Companies which have already been approved for privatization (early 2007)
• Privatization of Public Goods in the Islamic Republic by Kaveh Ehsani
• Privatization Law in Force - Iran Daily
• Pros and Cons of Privatization - Iran Daily
• Privatization and Structure of Iran's Transportation System (2000)
• Economy and Business in Iran at the Open Directory Project
• Privatization of State-Owned Enterprises in Iran: Panacea or Prescription for Disaster By Dr. Ali Mostashari
• Iran: Inflation, privatization lead intensify working class struggles