Iran revises constitution to allow industry privatization

Iran overhauled Section 44 of its constitution Saturday, making changes which would allow for privatization of various industries, including shipping, telecommunications, and downstream oil and gas. The constitution, created in 1979, had previously decreed that all core infrastructure must be governed by the state, rather than by private enterprises.

The decision to permit industrial privitization was made by the Expediency Council, Iran's highest legislative body, in an effort to improve the country's failing economy. Reuters has more.

 

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

© Copyright JURIST Legal News and Research Services, Inc., 2013.