No buyers for Iran oil project’s bonds
Azerbaijan, Baku, Dec. 5 / Trend M. Moezzi/
Six working days after being put up for sale, around 80 per cent of the financial proposal for the development of the South Pars oil field remains unsold as the market for buying and selling gold coins continued to grow, the Mehr news reports.
The sale was extended for two working days on 4 and 5 Dec, but even with the extended deadline, only 25 per cent of the bonds offered expected to be sold according to Mehr.
Economic experts point to the high activity in buying and selling gold coins as the primary reason as to why the bonds haven't sold. The interest paid on the bonds is 17 per cent per year but if the bonds are sold before four years their holders will get less than this amount.
The National Iranian Oil Corp. (NICO) seeks to invest $16 bn. (160 trillion rials) to develop the joint South Pars field and had planned to get $4-5 bn. in funding from the offer.