Iran to sell $820 million in bonds for South Pars projects
Azerbaijan, Baku, Jul.9/ Trend F.Milad/
Iran plans to sell one trillion rials (some $820 million) worth of bonds in the next calendar month of Mordad (July 22-August 21) to finance the South Pars gas field projects, the Shana News Agency reported.
On June 26, Iran also issued five trillion rials (some $410 million) in bonds for the same purpose. The four-year paper offered a 20 per cent yield per annum and was tax exempted.
Iran's Pars Oil and Gas Company (POGC) will issue some 52 trillion rials (around $4.3 billion) in rial and foreign currency bonds for the South Pars plans in the current calendar year, which ends on March 20, 2013.
The POGC financial director has said that 40 trillion rials plus $1 billion is projected to be issued. Touraj Jahanara added that last year 15 trillion rials worth of bonds were issued.
National Iranian Oil Company's managing director Ahmad Qalebani has said that some $22 billion will be channelled into the South Pars gas field development projects in the current year.
Oil Minister Rostam Qasemi said in August 2011 that the Iranian government should prepare plans for the development of joint oilfields.
The government should increase its budgets for the development of joint oilfields, Qasemi added. "The oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve the objectives of the 20-Year Outlook Plan."
The South Pars gas field is shared by Iran and Qatar. The Iranian share which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight per cent of the total world reserves and more than 18 billion barrels of liquefied natural gas resources.