Iran to offer €1 billion bonds by December for natural gas development

By Paul A. Harris

St. Louis, Sept. 28 - Iran plans to offer €1 billion of bonds by December to help finance development of its largest natural gas field, according to information posted on Shana, the official web site of the Iranian oil ministry.

"Issuance of the bonds is expected to be finalised in two months," Mohammad Hassan Mousavizadeh, a senior adviser to Iran's Pars Oil and Gas Co., said in a statement.

State oil giant National Iranian Oil Co. has already given Pars Oil and Gas permission to issue the bonds.

Iran plans to invest around $40 billion to develop the South Pars field through 2015. The field is part of the huge formation shared with Qatar that makes up the world's largest pure gas reserve.

Mousavizadeh said in July the bonds would be offered to both Iranians living abroad and foreign investors.

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