Iran: Bank Mellat Starts Offering South Pars Bonds

October 3, 2012

Bank Mellat starts offering South Pars gas field bonds worth of 10 thousand billion rials as of 6 October.

According to a report by public relations department of Bank Mellat, the bank will issue the bonds to provide money for development of South Pars gas field phase 11 to 24 as well as development of its oil layer.

The bonds will be offering in five days and the move will be stopped any time if the bonds to be sold earlier than schedule.

Four-year tenure bonds are tax-free with 20 percent of on account profit that will be paid on a three month basis and could be traded in stock exchange.

The bonds have the feature to be redeemed based on 18 percent interest rate during the first year and 19.5 percent more than one year. Bank Mellat also has guaranteed payment of principal and profit of the bonds.

Last month, National Iranian Oil Company (NIOC) managing director, Ahmad Qalebani, reported of issuance of bonds worth of 15.000 billion rials of which on third will be earmarked to NIOOC’s projects and two third to development of South Pars gas field projects

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LNG World News Staff, October 03, 2012