TEHRAN: Iran will issue bonds worth €2 billion ($2.48 billion) to help finance development of its petrochemical industry, the Oil Ministry website SHANA reported on Monday.
"In order to finance the development of Iran’s petrochemical units … Iran will issue 2 billion euro bonds in cooperation with the Melli Bank," Shana reported, without giving further details.
Iran has struggled for years to find the cash and the technology to develop its energy sector. Western companies are increasingly wary of investing in the major oil producer due to its nuclear dispute with the West.
The United Nations Security Council on June 9 imposed a fourth round of punitive measures on the major oil producer because of nuclear activity the West suspects is aimed at making bombs. Tehran denies the charge.
Iran has increasingly shifted to Asian countries to develop its oil and gas fields.
State-owned Asian firms are less susceptible to Western pressure to stay away from the Iranian market and are eager for energy supplies from the Islamic state to feed future growth.