Iran to Offer EUR 2.7 Billion Bonds for South Pars Gas Field

The first batch of oil industry’s foreign exchange bonds for current Iraniancalendar year (started March 21), worth 2.7 billion euros, will be offered next week through branches of three domestic banks, managing directorof the National Iranian Oil Company (NIOC), Mr. Qalebaniannounced here on Tuesday. 
He went on to say that this year bonds worth 8.7 billion euros will be issued, of which a big part isrelated to development of the shared South Pars gas field projects, Iran’s SHANA news agency reported.
The first batch of €3 billion bonds to fund South Pars projects was issued late last Iranian year (March 2011) and the second one worth €2.7 billion is going to be offered next week.
The 1000, 5000, 10.000, 50.000 and 100.000 euro notes are nameless, transferableto a third person; tax free with tenure of four years.
The profit of the bonds will be paid every six months and NIOC guarantee the bonds and its profit.
It’s worth mentioning that, holders of the bonds are capable to redeem the bonds at any time.
Payable profit for less than one year bonds will be 5.5 percent, between one and two years 6 percent, between two and three years 7 percent, between three to four years 7.5 percent and for full four years period 8 percent