Tehran to raise $1.2bn in South Pars bonds to pay for future development

South Pars bonds: Iran’s oil ministry was today due to issue $1.7bn in bonds, $1.2bn  of which will be used to fund  further development of its  giant South Pars gas field in the Persian Gulf. The bonds were scheduled to be issued on the Tehran stock exchange at a 21% annual interest rate.
In January, Oil minister Bijan Namdar Zanganeh said that Iran needed a further  $20bn to develop the remaining phases of the South Pars gas field.
Iran produced 162.5bn m3 of sweet gas during the 11 months of the current fiscal year, indicating a 7% year-on-year growth rate, according to Abdolhossein Samari, deputy head  of operations at the the National Iranian Gas Company (NIGC).
South Pars is divided into 24 standard phases, of which phases 1-10, 12, 15 and 16 are already fully operational. Phases 17, 18 and 19 are operating at half capacity.