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Under the Next Year Budget Articles
Petroleum Ministry Offering 5 Billion Dollar Bonds

11:01 (Sunday, February 19, 2012)
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TEHRAN Feb 19 (Shana): Iran’s ministry of petroleum is authorized to issue five billion dollars of pre-sale oil and participation bonds under the terms of proposed budget for next Iranian calendar year.

Paragraph R of article 1-1 of the budget bill announces that ‘petroleum ministry is authorized to issue foreign exchange, sukuk and rial denominated bonds through its subsidiaries provided to guarantee repayment of principle and their due interest rates in the framework of related laws and regulation up to maximum five billion dollars.’

The budget bill also permits the petroleum ministry and its subsidiaries to use up to 50 billion rials of bonds and assets or revenues resulting from transferring assets to non-governmental sectors for settlement of owing and commitments related to oil and gas contracts in next year.

Also based on another paragraph of the article, Central Bank of Iran is obliged to allocate 10 billion dollars of its foreign exchange reserves to funding development plans of oil, gas, refining and distribution of oil products and petrochemical sectors provided the petroleum ministry’s subsidiaries guarantee paying back the principle and profits.

Under another paragraph the National Development Fund is authorized to pay five billion dollars facilities to private and non-governmental contractors that are engaged in oil and gas projects.

Petroleum ministry’s subsidiaries also are authorized to implement Anahita oil refinery and a gas condensate refinery named Persian Gulf’s Star by getting help from financial resources of the National Development Fund. 

 

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