Iran to Issue EUR 3 Billion Bond for South Pars Gas Field

March 12, 2011

The Islamic Republic of Iran will issue €3 billion worth of bonds domestically to develop South Pars gas field, managing director of the National Iranian Oil Company, Mr. Ghalebani (image) announced here.

“Saturday onward, we will be issuing bonds in foreign currency for the first time inside the country in order to develop South Pars gas field,” Ghalebani said.

These bonds will start selling at Saderat, Tejarat and Sepah banks for five days, Iran’s SHANA news agency reported.

Stating that these tax-free public bonds will carry no names, have 4-year maturity and are transferable, he said: “The bonds’ partial interest rates are max. 8%. Interest rates of 5.5%, 6%, 7% and 7.5% are imposed on the bonds redeemed in less than a year, 1-2 years, 2-3 years and 3-4 years respectively.”

He went on to say that, Iranians living abroad would also be able to purchase the bonds for the development of offshore South Pars field.

“The scheme is expected to be widely welcomed by the investors as an appealing investment opportunity,” he said.

[mappress]

Source: NIGC, March 12, 2011;