Iran to issue €9 billion worth of oil bonds next year

Iran Materials 9 December 2013 13:46 (UTC +04:00)

By Rahim Zamanov - Trend: Baku, Azerbaijan, Dec 9, 2013:

Iran's oil ministry plans to issue €9 billion worth of bonds in the next calendar year (to start March 21, 2014), the IRNA News Agency reported on Dec. 9.

Iran's next year budget bill will issue the bonds to be used to finance oil, gas, petrochemicals, and industrial projects.

The National Iranian Oil Company, the National Iranian Gas Company, National Iranian Oil Refining and Distribution Company (NIORDC), and the National Iranian Petrochemical Company will issue €5 billion, €1 billion, €1 billion, and €2 billion, respectively, according to the bill.

More than 40 trillion rials (about $1.6 billion) worth of bonds were sold three years ago to finance South Pars gas field development plan, but none of the phases of the gas field has come on stream yet.

Iran's next year budget bill has set the ceiling at 7830 trillion rials (about $315 billion based on the U.S. official exchange rate of 24,850 rials), the Fars News Agency reported on Dec. 8.

The figure shows 8.4 percent growth year on year.

Meanwhile, the national development budget has been announced at 1950 trillion rials (about $78 billion), a 240 percent rise compared to the year before.

Edited by CN