$2.3b in bonds for SP development plan
23,000 trillion rials (some $2.3 billion) worth of bonds will be offered to the public for the funding of South Pars gas field's second phase of development plan on November 6, Pars Oil and Gas Company's managing director said here on Wednesday.
Ali Vakili added that the bonds will be offered by Bank Saderat of Iran and Bank Melli Iran.
In August one trillion rials (some $475 million) worth of bonds were issued for the first phase of SP.
According to the public relations office of Pars Oil and Gas Company the bonds were resalable 3-year bonds with 16 percent interest.
Vakili previously had said that investment in Iran's South Pars gas field has hiked by 120 percent in the current Persian calendar year.
According to the official the boom was the result of the issuance of 3 billion euro in foreign currency bonds and $3,014 billion in national participation bonds.
Vakili added that investment in South Pars had surpassed $11 billion.
"Thanks to the accurate planning this year there will be no problems with regard to funding the South Pars project," Vakili said.
The South Pars gas field is being developed jointly by Iran and Qatar. The Iranian share of the field is about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.
The Iranian part is divided into 24 phases.