Tuesday, February 23, 2010 - 8:47:45 PM

Iran to issue $1 bln bonds for energy sector-agency

Zoom:  

Aryanews- A senior oil official said on Tuesday that Iran will issue bonds worth $1 billion in local and hard currency in the coming days to help finance the development of its energy sector.
"We hope in the course of the coming days to issue bonds ... to finance development of the country's South Pars Gas field's various phases", added Seifollah Jashnsaz, managing director of National Iranian Oil Co.
Last September, an official at Iran's Pars Oil and Gas Company (POGC) said a 1 billion-euro ($1.40 billion) bond was planned for the development of the South Pars natural gas field in the Gulf.
Iran said in January it planned to issue bonds worth up to 5 billion euros ($7 billion) during the next Iranian year, starting from March 2010, to help finance development of its key energy industry.
Iran has struggled for years to find the cash and the technology to develop its energy sector as sanctions and political pressure have kept foreign firms away.
Western firms are increasingly wary of investing in Iran, the world's fifth-largest oil exporter, because of political instability and the row over the country's nuclear plans. Iran has increasingly shifted to Asian countries for cash and technology to develop its oil and gas fields.
State-owned Asian firms are less susceptible to Western pressure not to do business with Iran and are eager for energy supplies from the Islamic state to feed future growth.
The United States and its European allies have been trying to pressure Iran to suspend its disputed nuclear programme, which the West fears is a cover to build bombs. Tehran says its atomic work is for peaceful purposes and will not be halted.
The United States, which imposes sanctions on most trade with Iran since its 1979 Islamic revolution, is pushing for a fourth round of U.N. penalties on Iran because of its failure to halt sensitive atomic work.

 

News Code: 20100223204745512