Baku, Azerbaijan, March 12
By Emil Ilgar - Trend:
Iran's Oil Ministry will issue $1.7 worth of billion bonds by March 21, the Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi said on March 12.
According to the budget law, NIOC has been allowed to issue $2.4 billion bonds for the current fiscal year (started on March 21), but only $1.7 billion would be issued, Shana news agency quoted Javadi as saying.
He said that the annual interest rate of bonds was set at 21 percent.
Javadi added that $0.5 billion worth of issued bonds would be allocated for developing the West Karoon oil fields and the remaining amount would be spent on the South Pars gas field project.
The bonds are projected to be issued on March 15.