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Iran to Sell Gas Futures To Raise Funds

Source: Fars News Agency

Iranian oil and gas officials announced that the country plans to offer investors gas futures contracts to raise billions of dollars needed to fund various energy projects.

National Iranian Oil Company (NIOC)

"In the five-year development plan (2010-15), a total of around $156 billion needs to be invested in Iran's oil and gas upstream sector," Managing-Director of the National Iranian Oil Company (NIOC) Ahmad Qalebani told MNA.

He explained that this would be achieved by issuing rial and foreign currency bonds for the advance sale of oil and gas to Iranians in over the counter paper deals. The sale of gas contracts would be allocated for gas field development, he added.

"Based on this plan, gas to be produced from gas fields will be sold to people beforehand," Qalebani said, adding that the contracts would provide some form of interest and allow holders to buy gas at a discount after four to five years, when the gas developments are completed.

Ghalehbani, who is also deputy oil minister, said that NIOC's share of the overall allocation for energy projects is $25 billion for the current Iranian year ending March 19, 2012.

More than $12 billion has been raised in the first seven months, he said.

In November, Oil Minister Rostam Qassemi said over the counter oil sales would begin soon in the first such move by the OPEC oil producer to attract investment for the energy sector.

... Payvand News - 12/02/11 ... --

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