Iran is to sell oil bonds at stock exchange
TEHRAN, Iran, Aug.14
Iran is to start selling oil bonds for more than 500,000 barrels of oil at Iran Energy Exchange (IRENEX) on Sunday, Aug. 16.
The following offering would be the first phase of selling oil bonds for 529,000 barrels of crude oil, Trend reports citing Securities and Exchange Organization website.
The set price for each barrel is 9.4 million rial s(about$224), and buyer is allowed to purchase bonds from 1 to 20,000 barrels.
The secondary trade of bonds would start ten days after first offering. The secondary trade of bonds would start ten days after first offering. The bonds are valid for two years and would expire on August 17, 2022.
Iranian government plans to sell oil bonds in order to compensate for the decreased oil sales conditioned by low prices of oil and the US sanctions.
It is expected that people would invest in bonds instead of foreign currency and gold, and then will gain profit from its sale when the prices increase.