Iran to issue 1.2 billion euro bonds in OTC

Business Materials 23 July 2011 22:47 (UTC +04:00)

Azerbaijan, Baku, July 23 /Trend/

Iran will issue 1.2 billion euro bonds to boost South Pars in first half of current solar year (started on March20, 2011) with 8 percent interest rate, Mehr News Agency quoted the Managing Director of Bank Mellat Funding Ali Ghasemi as saying

"For the first time 1.2 billion euro bonds will be issued with 8 percent interest via OverThe Counter (OTC), the bonds belong to South Pars phases and Oil Ministry," he said.

Ghasemi didn't disclose the name of this company.

Iran , which has the world's second largest reserves of gas and third of oil, is facing US sanctions over its nuclear program.

The U.S. Congress approved financial sanctions against Iran in 2010 that impose strict conditions for foreign investors and financial firms and prevent them to invest more than $20 million in Iran's oil and gas industry.