Oil Minister: Iran to issue bonds to support oil industry

Oil&Gas Materials 13 September 2011 18:18

Azerbaijan, Baku, Sept. 13 / Trend /

Iran 's oil ministry will issue bonds in mid-October to support financial sources in accelerating the progress of oil projects, Econews reported quoting Iran's Oil Minister Rostam Ghasemi as saying.

"Issue of bonds will start in mid-October to provide oil projects with financial sources and the oil ministry aims to form energy funds in domestic banks to support major projects," he said.

He noted the necessity to increase oil production in joint fields that would lead to higher revenues.

The National Iranian Oil Company plans to issue $5 billion bonds to support development plans of South Pars. The output also plan to attract $16.5 billion financial sources for new Phases of South Pars in current solar year(started on March20,2011) but after six months it had only succeeded to assign $4.5 billion for mega gas project

Iran 's Oil Ministry said earlier by completing the ongoing projects at different phases of the South Pars gas field will bring $100 billion in revenues.

Meantime, the development of the South Pars new phases is still behind schedule and on early stages.