Offering South Pars Bonds Kicks Off

Source: www.gulfoilandgas.com 10/6/2012, Location: Asia

Offering South Pars gas field bonds worth of 10.000 rials kicked off today at selected branches of Bank Mellat.

The four-year tenure bonds are tax-free and could be traded in Stock Exchange. Their profit is 20 percent annually payable based on a three months basis.

The bonds also could be redeemed based on 18 percent profit before ending the first year and 19.5 percent afterwards.

Bank Mellat as the agent bank has also guaranteed paying back principal and profit of the bonds. The bank is authorized to issue 10.000 billion rials of bonds in order to fund development of South Pars gas field phases 11-24 and its oil layer.

Offering bonds will continue for five days but the move may be stopped anytime if bonds to be sold sooner.

Iran’s parliament has authorized petroleum ministry and six other ministries’ subsidiaries and affiliated companies to issue bonds worth up to 150 thousand billion rials. Pars Oil and Gas Company (POGC) plans to issue bonds worth of 52.000 billion rials this year.


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