(MENAFN) Iran's Pars Oil and Gas Company's managing director, Mousa Souri, stated that the Islamic Republic will issue bonds worth USD820 million to fund the South Pars projects, reported Tehran Times.
Souri said that when all the phases of the development plan are operational, production at the South Pars gas field will increase to 800 million cubic meters (mcm) on a daily basis from 300 mcm.
The country's central bank opened a USD10 billion line of credit in July for a number of upstream domestic oil projects that would be funded by using 18 percent of the National Development Fund's assets, selling USD10 billion of foreign currency bonds and by selling USD10 billion-worth of shares in Oil Ministry properties.
It is worth noting that Tehran needs to invest between USD40 billion and USD50 billion a year to develop its oil sector.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.