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Bank Saderat to offer $475m in bonds on SP development plan

Business Materials 16 August 2010 13:10 (UTC +04:00)

5 trillion rials (some $475 million) worth in bonds will be initially offered to the public for the development of the South Pars gas field by Bank Saderat of Iran starting August 21st.

The public relations officer of Pars Oil and Gas Company said that the bonds were resalable 3-year bonds with 16 percent interest, SHANA reported.

Hossein Nosratzadeh highlighted the importance of the South Pars projects and expressed hope that Iranians inside and outside the country will take part in the plan and purchase the total amount of 30 trillion rials of bonds for the plan.

Investment in Iran's South Pars gas field has hiked by 120 percent in the current Persian calendar year, Managing Director of Pars Oil and Gas Company (POGC) Ali Vakili told SHANA news agency on July 25.

Vakili told IRNA news agency on Saturday that the boom was the result of the issuance of 3 billion euro in foreign currency bonds and $3,014 billion in national participation bonds, Press TV reported.

South Pars is the world's largest gas field located in the Persian Gulf. It holds an estimated 50.97 trillion cubic meters of natural gas.

Vakili added that investment in South Pars had surpassed $11 billion.

"Thanks to accurate planning this year there will be no problems with regard to funding the South Pars project," Vakili said.

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