North Drilling Company to go public

A six-percent block of Iran's North Drilling Company's shares will be offered on the Tehran Stock today as an initial public offering scheme for the purpose of price exploration.

According to the Mehr News Agency, the Iran Privatization Organization plan is intended for price exploration of the shares of NDC as the first privatization-bound subsidiary of the National Iranian Oil Company in the upstream oil sector.

"The price exploration process had been planned for the past Iranian calendar year (ended March 20, 2009), but it was postponed due to some problems," the official noted.