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5.000 Bln Rial of Iran South Pars Bonds Sold

Source: Shana 7/4/2012, Location: Asia

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5.000 billion rial denominated bonds of development South Pars gas field were sold in five working days.

Offering South Pars bonds started 25th June by Bank Mellat for a six day period. Pars Oil and Gas Company (POGC) plans to issue 40,000 rial denominated bonds this year to accelerate implementation of projects in South Pars gas field.

Tax free, 20 percent on account profit bonds are nameless and could be transferred to a third party. The four year bonds also could be redeemed at any time in Bank Mellat.

The bonds’ profit is being calculated on a daily basis and being paid based on a three month period.

Buying bonds has faced widespread welcome because paying the profit has been guaranteed by the National Iranian Oil Company (NIOC).

Development of South Pars gas field has been planned in 24 phases of which 10 phases have already been completed while development of another 14 phases is underway.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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