[caption id="attachment_27590" align="alignright" width="180"] A view of Iran's South Pars Gas and Oil Field[/caption]
TEHRAN Mar 10 (Shana): As much as 2 billion dollars of Energy Fund’s foreign exchange reserves were spent in South Pars gas field over the past two years.
Speaking to Shana, NIOC’s deputy for investment and financial resources, Ali Kardar, said, "Totally five billion dollars of Energy Fund’s reserves are allocated to development of South Pars gas field’s phases of which 2 billion were spent over the past two years and the remainder is slated to be spent in near future."


Energy Fund was established 3 years ago with the goal of boosting investment in oil industry. 


On issuance of oil bonds, Kardar told Shana that once Central Bank of Iran (CBI) to fix the foreign exchange rate, then Petroleum Ministry will decide on issuance of 50 trillion of rail-denominated bonds.


He further noted that Pars Oil and Gas Company will be responsible for issuance of 20 trillion of rail-denominated bonds while the remainder will be issued by Iran’s Offshore Oil Company (IOOC), National Iranian South Oil Company (NISOC), Iran’s Central Oil Fields Company (ICOFC) and Petroleum Engineering and Development Company (PEDEC).


Earlier Iran’s Minister of Petroleum, Bijan Namdar Zangeneh, told Shana that the ministry was in talks with CBI to fix the exact date for issuance of bonds.


By SHANA





The Iran Project is not responsible for the content of quoted articles.