Shapna Replacement Value

Isfahan Refinery's Replacement Value Is Up to 5x Shapna's Market Cap; How Much of That Gap Does the Market Price In? (Thursday, July 9, 2026)

Shapna's (Isfahan Oil Refining) Tehran Stock Exchange market cap is estimated at $2.6 to $2.8 billion based on available reporting. Rebuilding a refinery of the same capacity from scratch, using global refinery cost benchmarks, could cost $7.5 to $13.1 billion, meaning the market prices this asset at only 20 to 38 percent of its estimated replacement value.