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Iran to Sell Bonds Worth $2.3 Billion For Gas-Field Development

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Oct. 28 (Bloomberg) -- Iran will sell rial bonds worth $2.3 billion on Nov. 6 to finance the second development phase of its South Pars gas field, Mehr reported, citing a senior energy official.

The bonds will be sold through Iran’s Saderat Bank and Melli Bank, Pars Oil and Gas Co.’s managing director Ali Vakili told the state-run news service.

Iran sold in August about $500 million worth of bonds for the first development phase of the gas deposit, the Oil Ministry said at the time. The three-year bonds, yielding 16 percent, were auctioned by the bank on Aug. 21, it said.

Iran’s plans to develop South Pars , the world’s biggest single gas deposit, which it shares with Qatar, has faced delays because of international sanctions over the country’s nuclear program. The U.S. and its western allies say the program is a cover for developing atomic weapons, a claim Iran rejects.

To contact the reporter on this story: Ladane Nasseri in Tehran at lnasseri@bloomberg.net.

To contact the editor responsible for this story: Maher Chmaytelli at mchmaytelli@bloomberg.net

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