Iran to sell €250m in bonds overseas

June 3, 2010 - 0:0

TEHRAN, June 2 (MNA) – Iran's Mellat Bank will start offering bonds worth 250 million euro today at its branches abroad.

The plan is considered the third stage of offering a total of one billion euro in bonds designed to help finance development of phases 15-18 of Iran’s South Pars natural gas field, SHANA News Agency reported.
The bonds will be available to Iranian expatriate and foreign investors for a period of 10 days. They will have a maturity of three years and an interest rate of eight percent.
The South Pars gas field is located on the Persian Gulf. It is the world’s largest gas field, shared between Iran and Qatar.
According to International Energy Agency, the field holds an estimated 50.97 trillion cubic meters (1800 trillion cubic feet) of in-situ gas and some 50 billion barrels of condensates.
CAPTION: Iran will start selling €250m in bonds today to fund three phases of the South Pars gas field projects