Iran to issue $8bn oil bonds

Oil&Gas Materials 26 September 2011 17:49

Azerbaijan, Baku, Sept. 26/Trend A. Qurbanova/

Iran's Oil Ministry will issue $8 billion bonds by end of the year to boost the oil industry, Mehr News Agency reported quoting Deputy Oil Minister Ahmad Ghalebani as saying.

"The Oil Ministry aims to attract $25 billion investment in current year and $8 billion will be provided by issue of bonds," he said.

Currently, providing equipment for oil industry is main agenda and considering development conditions of South Pars we require $4 billion cargo and equipment, he added.

He noted only 50 percent of investment a total of $2 billion provided by domestic producers for developing Phases in South Pars while more than $18 billion invested in oil industry in last year.