Iran to sell bonds worth $13b to finance South Pars phases

Azerbaijan , Baku, March 11 / Trend, A.Yusifzade /

Iran plans to sell bonds worth $13 billion to finance the development of phases 12, 15, 16, 17 and 18 of the South Pars gas field during the next Iranian year (starting March 21, 2011), Fars News Agency reported quoting the Deputy Head of South Pars phases 12, 15, 16, 17 and 18, Mohammad Reza Zahiri as saying.

Earlier Iranian Oil Minister Seyed Massoud Mir Kazzemi said that launching all the South Pars gas field phases requires $60 billion investment in upstream sector of the field up to the end of Twenty Years Outlook in 2025.

When all phases of the South Pars field become operational, the annual revenue of the field will soar to $100 billion, raising Iran's gas output to 1.1 billion cubic meters per day, Mir Kazzemi said.

The managing director of the National Iranian Oil Company (NIOC) Ahmad Qalebani reported of issuance permits by Central Bank of Iran (CBI) on offering oil industry foreign exchange denominated bonds by domestic branches of Iranian banks for the first time, Shana reported.

Qalebani said that last week for the first time Central Bank of Iran (CBI) permitted Pars Oil and Gas Company (POGC) to issue foreign exchange denominated bonds through domestic branches of Iranian banks.

Under the CBI licenses, foreign exchange bonds would be offered by Bank Saderat, Bank Tejarat and Bank Sepah as of March 12, 2011 , Qalebani added.

NIOC managing director remarked that foreign exchange bonds would be nameless documents that under the law would be used as financial instruments to fund oil industry projects in the form of 1.000, 5.000, 10.000, 50.000 and 100.000 euro papers.

Iran has allocated bonds worth some $6.3 billion for its oil and gas industry to help finance development of its energy projects in 2010, Qalebani said.

According to managing director of the Pars Oil and Gas Company (POGC) Ali Vakili, all the allocated bonds to Pars Oil and Gas Company (POGC) were sold due to special attention of the government and the minister of petroleum efforts. Part of other company's bonds was redirected to POGC to finance the development of the South Pars gas field projects.

This year budget permits Iranian ministry of petroleum to issue nine billion euro denominated bonds of which 5 billion euros were allocated to POGC.

With eight percent profit the nameless and tax free bonds have tenure of four years and could be transferred to third persons.

Referring to possibility of redemption of the bonds before the maturity date, the official continued: one year profit for redeemed papers is calculated based on 5.5 percent, for up to two years papers 6 percent, for up to 3 years papers 7 percent and for up to four years papers 7.5 percent that would be paid by issuer through agent banks.

'Even though oil industry financial resources have been often met through finance and buyback means but today there are other ways to fund the project that using them requires passing law and setting appropriate mechanism,' NIOC managing director noted.

The company's mandate is the development of the South Pars gas field and North Pars gas field.

The South Pars field is a gas condensate field located in the Persian Gulf. It is the world's largest gas field and is shared by Iran and Qatar. According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters (1 ,800 trillion cubic feet) of in-situ gas and some 50 billion barrels of condensates.

76 more coronavirus patients die in Moscow in past day
76 more coronavirus patients die in Moscow in past day
Turkey, Russia discuss details of Monitoring Center on Karabakh - Turkish Defense Minister
Turkey, Russia discuss details of Monitoring Center on Karabakh - Turkish Defense Minister
Russia's Rostelecom working on inter-operator cooperation with Turkmenistan
Russia's Rostelecom working on inter-operator cooperation with Turkmenistan
Loading Bars
Latest
Azerbaijani currency rates for December 1
Azerbaijan is a winner - Turkish government
Microsoft technology solutions to enable development of Azerbaijan's many economic sectors
COVID-19 drives 40% spike in number of people needing humanitarian aid
Russian TV channel shows Azerbaijan's liberated Fuzuli city completely destroyed (VIDEO)
Uzbekistan reveals its COVID-19 data for December 1
Work on conversion of NNC research reactors ongoing in Kazakhstan
Iran's comprehensive trade system to help fight corruption
Iran-Turkmenistan road to re-open after 9-month closure
Argentina reports 5,726 new COVID-19 cases
Turkey announces new curfews as part of COVID-19 measures
Iran, Georgia vow to broaden mutual cooperation
Turkmenistan takes part in meeting of SCO Council of Heads of Government (Prime Ministers)
Jens Stoltenberg: Georgia is a valuable partner of NATO
Japan’s Foreign Direct Investment in Georgia increases
Wisconsin governor certifies Biden’s win in battleground state
S.Korea reports 451 more COVID-19 cases, 34,652 in total
Kazakhstan decreases imports from Japan amid COVID-19
76 more coronavirus patients die in Moscow in past day
UK says coronavirus "back under control" after national lockdown
5.0-magnitude quake hits 64 km NW of Sinabang, Indonesia
Units of Azerbaijani Army enter Lachin region (VIDEO)
Today Lachin region returns to Azerbaijan
Azerbaijan discloses volume of exported silk
Georgia strengthens its position in olive production
Kazakhstan Railways opens tender for vehicles maintenance
Turkey, Russia discuss details of Monitoring Center on Karabakh - Turkish Defense Minister
OPEC+ agreement leaders suggest different mechanisms of oil production cuts in 2021
Oil prices down 1% as OPEC+ debates 2021 output policy
Another Turkish vaccine ready for human trials
Georgian Finance Minister tests positive for COVID-19
Iran's stock exchange needs structural reforms - Iranian MP
Kyrgyzstan provides online courses for entrepreneurs in field of tourism
Number of confirmed coronavirus cases in Serbia up by over 6,224 in past day
Azerbaijani Defense Ministry thanks Turkey's Defense Ministry
Bitcoin hits record high after steep fall last week
Logistic support assets of Russian peacekeepers in Karabakh arrive in Azerbaijan (PHOTO/VIDEO)
Turkmenistan significantly increases cement imports from Turkey
Turkish sappers begin mine clearing in liberated territories of Azerbaijan
Azerbaijan extends learning from home amid ongoing anti-coronavirus measures
Azerbaijani FM, Moldovan minister exchange views on latest situation in region
Two more Italian municipalities express support to Azerbaijan
Iran's first VP invites Shanghai Cooperation Organization to invest in Chabahar Port
Expert talks short-term price decrease on Azerbaijan's car market
Kazakhstan sees increase in lending to legal entities over 10M2020
Employment in Iran's Razavi Khorasan Province soars
Azerbaijan raises export to Croatia
Iranian Energy Exchange announces products to be on sale December 1
Preventive diplomacy is integral part of Turkmenistan's neutrality - president of Turkmenistan
Azerbaijan to minimize plastic consumption
Kazakhstan to set up int'l center to develop oil&gas engineering in co-op with ENI, Shell
Georgian Walnuts company aims for eco-friendly production
President of Jamaat-e-Islami Pakistan sends letter to president of Azerbaijan
Uzbekistan exporting plums mainly to Russia and Kazakhstan
Azerbaijan's Baku Metro to engage testing services through tender
Armenian PM's attempts to meet with Russian president fail
Iran can increase exports through processing industries – economist
Iran hopes to see Iran-Afghanistan Chamber of Commerce headquarters open in Kabul
GM, Nikola announce reworked, smaller deal focused on supplying fuel-cell systems
Georgia’s Innovation and Technology Agency discloses volume of startup projects
Turkmenistan's Turkmengas opens tender for purchase of chemical products
Uzbek textile products mostly imported by Russia
Uzbek currency rates for November 30
Trade turnover between Azerbaijan and Spain greatly improves
Azerbaijan increases value of year-on-year export to Kazakhstan
SecGen of Iraqi Council of Representatives sends letter to President Aliyev
Azerbaijan reports 2,981 new COVID-19 cases, 1,226 recoveries
Azerbaijani 'Barda' ferry ship repaired and put into operation
Argentine companies to cooperate with Azerbaijan’s Azexport website and Digital Shopping Hub
Uzbek Ministry of Finance forecasts increase of public debt
Swiss Investment Company to issue bonds in Uzbek national currency
Georgia purchases 10 new high flow oxygen generators from Turkey
Iran hopes for economic revival of Azerbaijan's Nagorno-Karabakh - Vice President Jahangiri
JCPOA to holding meeting in Vienna
Excise tax on import of commodity items to be abolished in Uzbekistan
Income from pine-cone exports up in Georgia
Azerbaijan reveals data on loans issued to farmers over 11M2020
YARAT Contemporary Art Space to present exhibition project "Make Island For Yourself" in Museum of Azerbaijani Painting
Amazon, Apple stay away from new French initiative to set principles for Big Tech
Georgia reveals volume of exported apples
Azerbaijan's ANAMA discloses total number of civilian casualties from mines
Development Bank of Kazakhstan eyeing support of mining, metallurgical projects
Khazar Consortium opens tender for purchase of tires in Turkmenistan
Georgia reveals top five insurance companies due to paid claims
Cemeteries destroyed, mosques used as cowsheds in Karabakh - renowned French photographer (PHOTOS)
Baku Transport Agency, ARIS LLC sign tender contract
Azerbaijani Prosecutor General's Office urges not to visit lands liberated from occupation (VIDEO)
STAR refinery's crude oil imports rise y-o-y
Azerbaijan Mortgage & Credit Guarantee Fund says will complete 2020 with profit
Russia's Rostelecom working on inter-operator cooperation with Turkmenistan
Capitalization remains strength of Georgian Basisbank
Hungarian TUNGSRAM GROUP to launch production of LED street lighting in Kazakhstan
Azerbaijani agency unveils number of munitions found since Sept.27
Iran’s Bahar Azadi gold coin starts to rise
Azerbaijan to commission road connecting Tartar and Sugovushan in coming days - ANAMA (PHOTO)
Uzbek agro-industrial agency announces tender for well construction
Carlsberg Azerbaijan and AzərŞəkər signed a memorandum of cooperation (PHOTO)
S&P Global to buy IHS Markit in deal valued at $44 billion
Azerbaijan reveals number of civilians dead, following recent Armenian aggression
Uzbekistan slightly reduces import of Turkish-made chemicals
All news