Iran to issue $490 million in petrochemical bonds

Iran Materials 22 September 2012 15:44 (UTC +04:00)

Azerbaijan, Baku, Sep.22/ Trend F.Milad/

National Petrochemical Company (NPC) of Iran intends to issue 6 trillion rials (some $490 million) in bonds to finance petrochemical projects.

The bonds will be issued in autumn, NPC managing director Abdolhossein Bayat said, the Shana news agency reported.

On September 7, National Iranian Oil Company's managing director said the NIOC will start selling 15 trillion rials (some $1.2 billion) in bonds in the near future to finance oil and gas projects.

Five trillion rials (some $400 million) will be spent for the financing of offshore oil projects and 10 trillion rials (some $800 million) will finance the South Pars gas field development projects, Ahmad Qalehbani added.

Oil Minister Rostam Qasemi said in April that at least $30 billion will be invested in the domestic oil industry this year.

He added that a major portion of the sum will be allocated to the South Pars gas field projects.

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 percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.