(MENAFN) Managing Director of the National Iranian Oil Company (NIOC) Ahmad Qalebani said that the state-owned company has been authorized to issue up to 10 billion in euro-denominated bonds (USD12.2 billion) this year to help finance its activities, Reuters reported.
Qalebani was quoted on the oil ministry's website Shana as saying that the expected bond issue will depend on Iran's "situation".
Last month, the head of Pars Oil and Gas Company (POGC) Ahmad Ghalehbani said the company may issue around USD1 billion of dollar-denominated bonds to raise funds for gas projects.
Iran's state finances is facing increasing troubles as the Islamic nation suffers from the tightening Western financial sanctions and falling oil prices that have shrank revenues for state companies.
However, even investors who specialize in high risk debt say there are many obstacles to investing in Iran, especially banking restrictions imposed by Washington and Brussels, are likely to deter any foreign investors.