Qalebani told Shana that NIOC had permission to issue bonds worth 10 thousand billion rials with 17 percent of interest rate this year which could be repaid before maturity with corresponding interest rates being paid by banks.

He went on to say that despite out warning that the figure would not be attractive for investment in oil industry projects, the company issued 5 thousand billion rials of the bonds as the first batch of which about one fifth were sold.  

Qalebani referred to signing contracts with domestic banks and energy funds as another way to fund the projects adding some contracts had been signed with Bank Sepah, Bank Mellat, Bank Saderat Iran and Bank of Expanding Exports.

He concluded: We have received more than 1.8 billion dollars from Bank Mellat and we are hoping to get another 700 or 800 million dollars for injection to the South Pars gas field’s projects.