Iran petchem projects eye raising €2bn through bonds

25 June 2010 13:43  [Source: ICIS news]

SHANGHAI (ICIS news)--Iran’s state-run Bank Melli Iran (BMI), the National Petrochemical Co (NPC) and Petrochemical Commercial Co (PCC) have signed a deal to provide funds for petrochemical projects in Iran, a source close to the companies said on Friday.

The funds would be raised through bonds amounting to €2bn ($2.45bn) and Iranian rial (IR) 10,000bn ($1bn) and would be available to both foreign and local investors.

“This is actually a signed deal to procure funds for petrochemical units and developmental plans in the petrochemical sector through BMI,” the source said.

“The bonds would be issued in Iranian rials as well as euros to all investors,” the source said.

The recent sanctions by the UN against Iran would not impede the success of the bonds issue, he added.

This is the third tranche of bonds issued by Iranian banks this year. Bank Mellat, another state-owned bank, issued €1bn in bonds through overseas branches in May and March, he said.

The first two issues of bonds, earlier this year, were for the development of phases I7 and 18 of the South Pars gas field, said the source, who added that the latest tranche was for petrochemical projects.

No further details were immediately available.

($1 = €0.81, $1 = IR9,980.00)

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By: Prema Viswanathan
+65 6780 4359

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