Persian Gulf Star FX debt

TAPICO Closes Persian Gulf Star Refinery's 15-Year FX-Debt File; Its 49% Stake One Step From an IPO (Sunday, July 12, 2026)

TAPICO's CEO says the roughly $3 billion FX-debt file of Persian Gulf Star Refinery has been closed after about 15 years, leaving the plant "one step" from an IPO. TAPICO owns 49% of the asset; the PTAP symbol traded at 2,962 tomans on Sunday, July 12, 2026, about 79% of its published NAV. Why the debt fix matters and what the market is pricing.