Iran to issue $490m in petrochemical bonds

TEHRAN,Sept.23(MNA) - National Petrochemical Company (NPC) of Iran intends to issue 6 trillion rials (some $490 million) in bonds to finance petrochemical projects. The bonds will be issued in autumn, NPC managing director Abdolhossein Bayat said. Bayat recently told the Mehr News Agency that the NPC has been identifying new export targets for the past two years. And boosting exports of polymer products is on the agenda, he added. On April 18, Bayat said that Iran exported $14 billion worth of petrochemical products to 60 countries during the previous Iranian calendar year (March 2011-March 2012). He added that $10.5 billion of oil income will be allocated for the development of the national petrochemical industry. On September 7, National Iranian Oil Company’s managing director said the NIOC will start selling 15 trillion rials (some $1.2 billion) in bonds in the near future to finance oil and gas projects. Five trillion rials (some $400 million) will be used for financing offshore oil projects and 10 trillion rials (some $800 million) will finance the South Pars gas field development projects, Ahmad Qalehbani added. Nine petrochemical projects will be implemented in the current Iranian calendar year (began on March 20), which will boost the country’s output by 8 million tons. Iran has implemented 38 plans to boost its petrochemical output. China and countries in Western Europe are the main recipients of Iran's petrochemical exports, followed by countries in Southeast Asia, the Middle East, the Indian Subcontinent, Africa, and Latin America.