Iran’s Gas Co. Declares Bankruptcy, State Agency Says
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Iran’s state-owned National Iranian Gas Co. has declared bankruptcy with more than 100 trillion rials ($4 billion) in debt, Mehr news agency reported, citing Chief Executive Officer Hamidreza Araghi.
Oil Minister Bijan Zanganeh told Mehr that the financial woes are “due to erroneous decisions made by the previous administration in implementing the restructuring of government subsidies.” That failure sparked problems in the production and distribution of energy across the country, he said.