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SPís Bonds to Be Issued Soon

Source: Shana 10/15/2011, Location: Asia

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The first tranche of a 50 thousand billion rial denominated bonds for development of the South Pars gas field projects will be issued by the agent banks as of 23rd October, according to remakes made by managing director of Pars Oil and Gas Company (POGC) Mousa Souri.

Speaking to Shana, Mousa Souri said that under an agreement with Iranís Central Bank (CBI), for the first time in the Iranian calendar year of 1390 (began 21st March 2011) Iranian agent banks would start issuance of bonds for development of South Pars as the biggest gas field in the world.

ĎThe South Pars gas fieldís share of the total credits for the first half of the current Iranian calendar year was 9.6 billion dollars of which 7 billion dollars have been absorbed and the remaining part (2.6 billion dollars) would be paid step by step over the year, the official said.

Souri noted that diversification of financial resources was one of the fruitful strategies of the POGC to speed up implementation of the SPís projects so that we could use variety of resources for implementation of the projects.

The South Pars field is a gas condensate field located in the Persian Gulf. It is the worldís largest gas field and is shared by Iran and Qatar. According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters (1800 trillion cubic feet) of in-situ gas and some 50 billion barrels of condensates.

Iran holds the worldís second-largest reserves of natural gas and the third-largest reserves of oil.

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