Iran to issue € 9 bn of energy bonds

Iran's Deputy Oil Minister Hossein Noghrehkar Shirazi


Source: Press TV
http://www.presstv.ir/detail.aspx?id=134995§ionid=351020103


As part of an overall plan to develop Iran's energy sector, the National Iranian Oil Company plans to issue 9 billion euros of participation bonds soon.

"Following the previous successes, the National Iranian Oil Company is to issue 9 billion euros worth of "participation bonds," Fars news agency quoted Iran's Deputy Oil Minister Hossein Noghrehkar Shirazi as saying on Thursday.

Regarding participation of investors in Iran's gas and oil sector, the senior official stated that "the first and second stages of issuing bonds raised 250 billion euros fund each, totaling a sum of 5 billion euros."

He further added that the issued bonds were sold out quickly as both local and foreign investors showed great interest.

The top official also pointed out that the bonds will be issued within two years.

Earlier in July, Iran and Russia signed a road map for future energy cooperation despite the unilateral sanctions imposed on Iran, which seems to snub the UN Security Council resolution that was extended against the Islamic Republic as a punitive measure against Iran's nuclear program.

Iran has the world's second largest natural gas reserves after Russia. However, the development of Iran's oil and gas sector has been hampered by lack of investment and runaway growth in domestic consumption.