Less than 9 percent of Iran's hydropower plant bonds sold

Iran Materials 17 January 2012 18:33 (UTC +04:00)

Azerbaijan, Baku, Jan. 17/ Trend M. Moezzi /

Iran sold less than nine percent of nearly $900 million in bonds it had offered for its hydropower plants, Fars news agency quoted the energy ministry official Mahmoud Haj Rasouliha saying.

The first phase of the offer included the sale of about $32 million in bonds while the second phase - about $62 million in sales. Iran's current economic problems are the reason why the offering wasn't successful, Mahmoud Haj Rasouliha said.

The energy ministry is trying to pay contractors it owes money, Rasouliha said. The plan has been sent to Iran's central bank for approval.

The Water Resources Management Company owes the banks about $1.2 billion. It will pay by selling property.