The PSO’s 43 per cent stake in Tidewater was bought by the local Marine Industry Group for $160m and has been floated on the Tehran Stock Exchange.

The PSO had demanded that it should keep the proceeds of the sale for reinvestment in the Iranian ports sector.

However, the Iranian Privatisation Organisation has insisted that by law, the funds must pass to the central government (MEED 25:4:08).

“We are still in discussions with the government to get the money back,” says a senior PSO official.