POGC to Issue Bonds in 3 Phases This Year
TEHRAN June 25 (Shana): Pars Oil and Gas Company (POGC) will issue rial and foreign exchange denominated bonds worth 52 thousand billion rials over the current Iranian calendar year to accelerate implementation of South Pars projects.
In an interview with Shana, POGC’s financial manager Toraj Jahan Ara said: Dollar denominated bonds will make up one billion of them while the rest will be in rial denominated bonds.
Jahan Ara said that Central Bank of Iran (CBI) last year agreed with issuance of 15 thousand billion rial denominated bonds all of them were sold with 20 percent interest rate.
He stated that the company is subject to CBI policies with regard to issuance of bonds adding South Pars gas field bonds would be issued in three phases after getting related permissions from CBI.
Bonds are among the effective financial instruments for providing oil industry’s projects’ financial needs.
According to POGC’s managers, issuance of rial denominated bonds could be profitable even if its profit rate to be raised to 35 percent which is the result of good return of money invested in South Pars gas field projects.
Up to now, CBI has given permission for issuance of 5.000 billion rial denominated bonds which its issuance starts as of tomorrow for six working days across the country by Bank Mellat.
Earlier managing director of National Iranian Oil Company (NIOC), Ahmad Qalebani, had said a remarkable part of NIOC’s current year budget, about 22 billion dollars, will be allocated to projects are being implemented by POGC.
Last year 20 billion dollars of credit was allocated to South Pars gas field projects of which 14 billion dollars were absorbed.
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