Iran sells foreign currency bonds worth €2.7 b to develop SP
Azerbaijan , Baku, June 14 /Trend/
Iran will sell the first series of South Pars foreign currency bond valued at 2.7 billion euro early next week, SHANA reported quoting the National Iranian Oil Company Managing Director Ahmad Qalebani as saying.
"The bonds will be offered next week by participation of 3 domestic banks and will be sold completely by next month," he added.
The National Iranian Oil Company will issue bonds worth 8.7 billion euro in current solar year (started on March 20, 2011) to cover major development project in South Pars gas field.
Iran sold foreign currency bonds worth 300 million euros in March 2011.
The NIOC guaranteed the interest rate, which can be received every six months while the partnership will last for four years and the bonds can be assigned as well. The foreign currency bonds issued in 1,000 , 5,000 , 10,000 , 50,000 and 100,000 euro pieces.
South Pars oil and gas field is one of the largest in the world and is expected to produce up to $130 billion in revenues per year.
The South Pars oil and gas field covers an area of 3,700 square kilometers and is located in 3,000 meters below the seabed.