Responding to the reporters questions on the latest decisions on issuance of participation bonds, Ali Vakili, said we have predicted different sources to finance South Pars gas field phases and part of these funds would be provided through Iranian rial and other currencies.
Vakili said that rial bonds would be issued in six batches this year and the first one will be offered 21 August and the second one on 11 September through some branches of the Bank Saderat Iran (BSI) across the country in order to accelerate to finance the ongoing phases of the South Pars gas field.
On the worth of the bonds, POGC’s managing director said that rial bonds would be offered in 5, 10, 20, 50 and 100 million rial notes , stressing that all the Iranians whether inside of outside the country and all the individuals and legal entities can buy the bonds.
Noting that rial bonds will carry an interest rate of 16 percent, POGC managing director said the bonds are tax exempt.
According to him high interest rate and the risk free of the bonds are among their privileges. He concluded that Bank Saderat guarantees the principal and the interest of the bonds.
The South Pars field is a gas condensate field located in the Persian Gulf. It is the world’s 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 has the world’s second-largest reserves of natural gas and the third-largest reserves of oil.