Bloomberg News

Iran Bank Opens $10 Billion Oil Credit Line, Tehran Times Says

July 12, 2012

Iran’s central bank opened a $10 billion line of credit for several upstream domestic oil projects, the Tehran Times reported, citing Mohsen Khojasteh- Mehr, who’s in charge of planning and supervision at the Oil Ministry.

The ministry will soon submit priority projects to the central bank, the newspaper said.

Projects will also be funded by using 18 percent of the National Development Fund’s assets, selling $10 billion of foreign currency bonds and 15 trillion of rial-denominated bonds, and by selling $10 billion-worth of shares in Oil Ministry properties, the Times said.

Iran puts 20 percent of its oil revenues into the development fund, which will reach $55 billion by the end of the Iranian year on March 20, 2013, the newspaper cited President Mahmoud Ahmadinejad as saying earlier.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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