Issuance of fixed-rate bonds on Feb 2

SHANA — The CEO of the National Iranian Oil Company (NIOC) said the company would start issuing Rls. 10 billion of fixed-rate (Manfa’at) bonds on February 2 with the aim of financing oil projects.

The bonds are being issued for providing the required finances for developing NIOC’s oil production maintenance and enhancement projects.

The bonds would be put up for sale at Fara Bourse (an over-the-counter market for securities and other financial instruments in Tehran).

Masoud Karbasian said the bonds would be issued by Arvand Saba Oil and Gas Development Company and endorsed by NIOC, adding issuance of the bonds would continue for three days beginning on February 2.

Arvand Saba, as a special purpose vehicle company (SPVC), has signed a service contract with NIOC for issuance Rls. 30 billion of the bonds.