08 February 2012
Iran's national budget for the next calendar yea (begins on March 21) has envisaged issuing €12.5 billion in bonds for financing domestic oil projects, Mehr news agency reported on Tuesday.
Five billion dollars in bonds will be also issued in the current year to speed up implementation of the South Pars gas field projects.
According to Oil Minister Rostam Qasemi, Iran will also issue $15 billion in sukuk (Islamic Sharia-based) bonds in the current year to be invested in the domestic oil industry.
The oil minister said in August 2011 that the oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve the goals of the 20-year economic outlook plan (to end 2025).
The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.
© Tehran Times 2012
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