Iran General NewsIran plans $12.3 bln bonds to fund gas field...

Iran plans $12.3 bln bonds to fund gas field work

-

ImageReuters: 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.

ImageTEHRAN, 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)

Latest news

Iran, the Resurrection of the Concept of ‘Revolution’

These days, Iran’s political and social environment has witnessed massive storms, which have changed the meaning of all concepts....

Iran Regime’s Response to Protests Censorship and Violence

The Iranian regime’s leadership has reacted to the ongoing wave of protests over the death of Mahsa Amini, the...

Iran’s New Generation Seeks Nothing but Regime Change

In a silly and desperate statement, the Iranian regime’s foreign minister Hossein Amir-Abdollahian claimed that nothing special is going...

Iran’s Youths Broke the Spell of Fear

One of the main characteristics of the recent protests in Iran is the courage and fearlessness of the people,...

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

Must read

Iran: Friday Prayer Leaders and Military Officials Harshly Attack Dervishes

Iran Focus London, 25 Feb - While in recent...

Analysis: Hopes fading for Iran nuke talks

AP: The fallout from Iran's disputed presidential vote is...

You might also likeRELATED
Recommended to you