Iran to issue $8 b bonds to finance South Pars

Oil&Gas Materials 20 July 2011 16:09 (UTC +04:00)

Azerbaijan, Baku, July 20 /Trend/

Iran will issue more than $8 billion bonds this year to provide financial resources for South Pars, SHANA reported quoting Managing Director of Pars Oil and Gas Company Musa Souri as saying.

"A total of $3 billion invested on South Pars plans within first three months of current year, in addition to domestic sources in National Iranian Oil Company , more than$8 billion bonds will be issued by country's banking system," he said.

The government chose domestic companies to facilitate the development of the joint gas field and will invest more than $21 billion in six phases, he added.

The financial resources estimated for development this year reach
$16.5 billion. More than $3 billion have already been provided for through attracting investments.

Iran's South Pars oil and gas field is one of the largest in the world.

The South Pars oil and gas field covers an area of 3,700 square kilometers.