Iran's Oil Industry Pension Fund Investment Company (OPIC) has put its wholly-owned Karun Airlines (KRU, Ahwaz) subsidiary up for sale.

According to newspaper adverts seen by the Mehr news agency, tender documents have been available for inspection as of February 4. Offers are to be submitted by Tuesday, February 19, with their opening set for the following day.

Formerly Naft Airlines (NV, Ahwaz), Karun Airlines was founded in 1927 and is the country's oldest operational carrier. It currently operates four Fokker 100s and six Fokker 50s on scheduled passenger flights that target its oil-rich southern regions in particular, as well as the United Arab Emirates.

In an effort to spruce up the airline ahead of its sale, a far-reaching cost-containment programme was launched last year which, among other objectives, saw the dismissal of around 90 of its employees.