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

A three billion dollar debt kept a refining giant off the market for fifteen years. TAPICO's CEO says that file is now closed and a listing is near. The foreign currency debt, about three billion dollars, was the main obstacle. Persian Gulf Star is the world's largest gas condensate refinery, in Bandar Abbas. Look at these key figures, each with its date. The CEO described the refinery's value at more than eight billion dollars. The debt was in dollars, so every currency spike made it heavier. Converting it into rials fixes that variable financial burden. TAPICO holds forty nine percent; the rest is a pension fund and the government. TAPICO is a holding company; a listing moves this stake toward market value. Today's price is about seventy nine percent of net asset value. But the Persian Gulf Star offering has been promised and delayed for years. The timing, free float and offering price are still unclear. Watch for exchange notices and the audited financial statements. Do you think Persian Gulf Star will list this year? Tell us in the comments.