06 May 2010
Bank Mellat on Monday began offering €250 million worth of development bonds to fund work at the South Pars natural gas field, banking officials said.
Head of international department at Bank Mellat, Saeed Ghaffari said bonds would be issued in four phases through oversees Iranian branches.
The bonds would be used to fund development projects of phases 15 to 18 at the giant South Pars gas field in the Persian Gulf, Ghaffari told Shana.
South Pars is part of the largest gas field in the world with at least 300 trillion cubic feet of gas reserves in place according to some estimates.
Ghafari said the bonds are tax-free and have an profit rate of 8 percent, payable every six months.
Several international companies have reconsidered energy ties to Iran as sanctions pressure mounts.
Tehran said sanctions would create an incentive to push for energy independence.
The government in April said it would invest $5 billion to develop two sections of the giant offshore South Pars independently.
All phases of the South Pars gas field are expected to be on stream by 2015 under a Five-Year Development Plan.
Bank Mellat on Monday began offering €250 million worth of development bonds to fund work at the South Pars natural gas field, banking officials said.
Head of international department at Bank Mellat, Saeed Ghaffari said bonds would be issued in four phases through oversees Iranian branches.
The bonds would be used to fund development projects of phases 15 to 18 at the giant South Pars gas field in the Persian Gulf, Ghaffari told Shana.
South Pars is part of the largest gas field in the world with at least 300 trillion cubic feet of gas reserves in place according to some estimates.
Ghafari said the bonds are tax-free and have an profit rate of 8 percent, payable every six months.
Several international companies have reconsidered energy ties to Iran as sanctions pressure mounts.
Tehran said sanctions would create an incentive to push for energy independence.
The government in April said it would invest $5 billion to develop two sections of the giant offshore South Pars independently.
All phases of the South Pars gas field are expected to be on stream by 2015 under a Five-Year Development Plan.
© Iran Daily 2010
