Tehran, PIN, 09/03/2010

TEHRAN (Shana) – Iran's Bank Mellat says will issue bonds worth of one billion euros from tomorrow for a 120 days period and in the first step bonds worth of 250 million euros will be offered.

In an interview with Shana Newswire, general director of foreign affairs at Bank Mellat, Saeed Ghafari said bonds worth of one billion euros would be issued in four steps and as the first phase, 250 million euros bonds would be offered as of tomorrow 10 March through Iranian banks abroad.

Noting that offering bonds has been included in the current year budget, Mr. Ghafari said: it is expected the bonds to be sold before the assigned time due to their high return, low risk and good interest rates.

Meanwhile vice president for investment at the National Iranian Oil Company (NIOC) told Shana that the company guarantees the bonds noting that international reputation of NIOC supports the move.

Hojatollah Ghanimifard pointed out that there are different ways to provide resources for oil industry projects including buyback and finance noting that but it is not confined to these methods. Mr. Ghanimifard continued offering bonds is one of the ways to finance oil and gas projects and to diversify financing oil and gas projects.