Reuters: Iran plans to issue foreign currency and rial-denominated bonds for a total of $12.3 billion over the next three years to help finance the development of its South Pars natural gas field, a state firm said on Sunday.
TEHRAN, May 31 (Reuters) – Iran plans to issue foreign currency and rial-denominated bonds for a total of $12.3 billion over the next three years to help finance the development of its South Pars natural gas field, a state firm said on Sunday.
Total investment needs for the remaining development work of South Pars amounts to $50 billion, the managing director of Pars Oil and Gas Company said in a statement. The company is part of the National Iranian Oil Company.
"We are planning to issue over the next three years $12.3 billion worth of foreign exchange and rial bonds … for the development of South Pars gas field," managing director Ali Vakili said in a statement.
He said priority would be given to South Pars phases 15-18, out of its total 24 phases. The issues would be carried out through two state banks, Mellat and Industry and Mine.
Earlier on Sunday, Oil Minister Gholamhossein Nozari was quoted as saying that Iran plans to issue bonds worth 1 billion euros for South Pars' development.
Iran sits on top of the world's second-largest gas reserves after Russia but international sanctions on the country over its disputed nuclear plans and other factors have slowed the development of exports.
(Reporting by Hashem Kalantari; writing by Fredrik Dahl; editing by Erica Billingham)
