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Date: Monday, January 07, 2013
IOOC to Issue Oil Bonds

 
Iran Offshore Oil Company (IOOC) will start issuance of rial denominated bonds tomorrow.

Speaking with Shana, IOOC’s managing director, Mahmoud Zirakchianzadeh, said the company would start issuance of 7.500 billion rial denominated bonds as of January 07.

Having 20 percent on account interest rate, the four-year tenure bonds will be spent in IOOC’s maintenance and preserving production projects.

The company also plans to issue 500 million dollar denominated bonds, IOOC official said adding sometimes ago the company could get necessary permissions for issuance of foreign exchange bonds and will issue them after rial bonds.

Earlier deputy minister of petroleum for planning and supervision on hydrocarbon resources, Mohsen Khojastehpour, said that under this year’s budget, Petroleum Ministry is authorized to use 18 percent of National Development Fund (NDF) resources to support private sector’s participation in oil industry projects. Similarly Central Bank of Iran (CBI) has given permission for issuance of 10 billion dollars of oil bonds. Under the budget rules, five ministries of the country are authorized to issue 150.000 billion rial denominated bonds and sell 10 billion dollars of their shares and assets as a way to fund oil industry projects especially in upstream sector.  

IOOC as one of the largest oil companies operating in offshore sector produces a great part of the country’s oil and gas in 1200 kilometers of Persian Gulf waters. The company comprises six operation districts including Bahregan, Lavan, Siri, Kharg, Kish and Qeshm.


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