NIOC to issue $1.5b in bonds to fund oil, gas projects

TEHRAN, March 14 (Shana) — National Iranian Oil Company (NIOC)’s chief said the company will issue 50 trillion rials (about $1.454 billion) in bonds before the end of the current Iranian calendar year to March 19) to finance some oil and gas projects in the country.

The company’s Managing Director Rokneddin Javadi said of the 50 trillion rials worth of bonds, 15 trillion rials (about $436.427 million) will be allocated to financing some part of developing West Karoun oilfields (the five oilfields Iran shares with Iraq at the western part of Iran’s southwestern region of Karoun) and 35 trillion rials (about $1.018 billion) will be to fund some development projects of South Pars gas filed (which Iran shares with Iraq in the Persian Gulf).

The official said that based on the budget law of the current Iranian calendar year, the NIOC is authorized to issue 70 trillion rails worth of bonds.

Meanwhile, Tehran Stock Exchange (TSE) has announced that the NIOC’s bonds will be offered publicly on March 15.

By SHANA