Iran issues $410m in bonds to finance South Pars project

TEHRAN, March 4 (MNA) - Iran put 5 trillion rials (some $410 million) in bonds on the market yesterday for the financing the South Pars gas field project. The 4-year paper, which will be available at Mellat bank branches nationwide for 5 working days, will offer a 20 percent yield per annum. Five billion dollars in bonds will be issued in the current Iranian calendar year (to end March 19) to speed up the implementation of South Pars gas field projects. Iran will also issue $15 billion in sukuk (Islamic Sharia-based) bonds this year to be invested in the domestic oil industry. 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 world's reserves, and more than 18 billion barrels of liquefied natural gas resources.