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Date: Wednesday, March 14, 2012
Iran to issue $407m in bonds for South Pars oil project

Iran will issue five trillion rials (some $407 million) in bonds by the end of this Iranian calendar year (March 19) to finance South Pars gas field projects, said the financial director of Pars Oil and Gas Company yesterday.
Touraj Jahanara told Shana news agency that the current year’s budget allows the oil ministry to issue 100 trillion rials (some $8.2 billion) in bonds to finance the oil and gas projects.
Since the beginning of this calendar year, 15 trillion rials (some $1.2 billion) and €1.7 billion have been issued in bonds, he noted.
Iran will also issue $15 billion in sukuk (Islamic Sharia-based) bonds in the current year to be invested in the domestic oil industry.
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.


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