Tehran Times reported that IRR 9 trillion in bonds will be issued as of February 4th 2012 at the Tejarat Bank’s branches nationwide to finance the South Pars gas field’s development projects.

Mr Ahmad Qalebani MD of National Iranian Oil Company said that the bonds will be offered with 20% annual profit for a period of four years to attract the public participation. On November 26th 2011, USD 500 million in bonds was offered with 17% profit but the public did not welcome the offer.

He said that USD 5 billion in bonds will be issued in the current Iranian calendar year (to end March 20th 2012) to speed up the implementation of South Pars gas field projects.

Mr Rostam Qasemi oil minister of Iran said that government will also issue USD 15 billion in sukuk bonds in the current year to be invested in the domestic oil industry.

(Sourced from www.tehrantimes.com)