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ICOFC Issued Oil Bond for Development Projects

Source: www.gulfoilandgas.com 3/13/2013, Location: Asia

Iranian Central Oil Fields Company has issued 5000 billion rial bond, interest of which will be spent on company’s development projects. The bond will be offered by Bank Mellat.

" Providing drilling rigs for developing oil and gas fields in the realm of the company is to be financed through the bonds interest", ICOFC managing director said, adding the company has absorbed some 30000 billion rial in bond in the current Iranian calendar year (ending March 20).

Mehdi Fakour said following a permit issued by Central Bank of Iran and under the article 22, which authorizes absorbing investment from resources other than the oil industry resources, ICOFC can use the credit to develop some new fields such as Rig, Shorom, Dudro, Tabnak and Kangan.

"Bank Tejarat ,as the agent, is slated to allocate 750 million dollars in the first phase in this regard", Fakour added. ICOFC is one of the five major production companies under NIOC (National Iranian Oil Company), which was established in 1999. This company is in charge of producing oil and gas from some onshore fields in the country. With some 70 percent gas production, ICOFC is considered the main Iranian gas producer for household and industrial consumption. Over 59 oil and gas fields are under ICOFC.

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

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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