Azerbaijan, Baku, Dec.1/ Trend F.Milad/
The Iranian Offshore Oil Company (IOC) will issue 5 trillion rials (some $408 million) worth bonds as of Monday to finance oil projects, the SHANA news agency quoted IOOC Managing Director Mahmoud Zirakchianzadeh as saying.
IOOC plans to totally issue 7.5 trillion rials (about $610 million) by the end of current Iranian calendar year (March 19, 2013), he added.
Iranian Oil minister Rostam Qasemi said on November 26 that the National Iranian Oil Company will start selling oil bonds in the near future.
According to the national budget law, the Oil Ministry's subsidiaries are obliged to sell bonds totally to the ceiling of $5 billion in the current Iranian calendar year, which ends on March 20, 2013.
In July, an official at the Iranian Oil Ministry said the Iranian Central Bank opened a $10 billion line of credit for a number of domestic oil projects in the upstream sector.
Oil Minister Rostam Qasemi said in April that at least $30 billion will be invested in the domestic oil industry this year. He added that a major part of the amount will be allocated to the South Pars gas field projects.
The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves.