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On 24 June 2012, Bandar-Abbas Oil Refining Company (BAORCO), the first state-owned listed company this year, made an initial public offering of its 690 million equities, equivalent to 5 percent of its total shares. The shares were sold to the public at a price of IRR 1,142 (0.093 USD) each, with the total value of IRR 788 billion (USD 64.3 million).
Bandar-Abbas Oil Refining Company began its activities in 1997. The company's plant is located in Bandar-Abbas city, at the northern coasts of the Persian Gulf, with more than 1,100 staff at present. BAORCO's annual production capacity exceeds 14 million tons of LPG, gasoline, jet fuel, kerosene, gasoil, fuel oil, bitumen, sulfur, and naphtha. The company's capital is IRR 13,800 billion.
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