Iran to issue bonds to boost oil projects

Oil&Gas Materials 12 July 2011 18:36 (UTC +04:00)

Azerbaijan, Baku, July 12 /Trend/

The National Iranian Oil Company will issue $12 billion bonds to provide financial sources of oil industry projects except Phases of South Pars, the Mehr News Agency reported quoting Managing Director Abdolmohammad Delparish as saying.

"The NIOC predicted issue of bonds valued 10 billion euro for oil industry projects current solar year," he said.

Issuing bonds is an approach to accelerate the implement of oil ministry projects and it's predicted to resolve financial problems.

Most foreign giant oil and gas companies have halted their activities in Iran because of international sanctions imposed by UN Security Council and the West countries against Iran.

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

The U.S. Congress approved financial sanction against Iran in 2010 , which imposes strict conditions for foreign investors and financial firms and prevents them to invest more than $20 million in Iran oil and gas industries.