Reported by: Eric CRWE Newswire Mideast correspondent
Iran will raise $3 billion by offering bonds in the domestic market to finance development programs of its giant gas producer South Pars Gas Field.
As per the schedule disclosed by Ali Vakili director of South Pars Oil and Gas Company, the first sale of bonds worth $500 million will be held on August 21st 2010. The total financing will be raised in six stages each selling bonds worth $500 million bearing interest rate of 16 percent annually.
Saderat Bank will manage the bond sales worth $1 billion to be held on August 21st and September 11th, 2010. According to Vakili the Iranian government is also planning to sell additional bonds worth $3billion in foreign currency in the international markets and bonds worth 1 billion euros have already been planned for offering this year.
Iran is the world second largest OPEC oil producer and also has the world’s second largest reserves of gas.
It is estimated that the South Pars Field has of 50.97 trillion cubic meters or 1,800 trillion cubic feet of natural gas reserves. Its development has been delayed several times due to sanctions and pressure from the western world and oil and gas firms. Now the project is being developed in collaboration of Iran and Qatar.
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