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Pars Oil & Gas Company announces CBI allocates $10 billion to upstream projects

Wednesday, Nov 21, 2012

Deputy minister of petroleum for planning and supervision on hydrocarbon resources reported of introducing 10 upstream projects to Central Bank of Iran (CBI) to use a line of credit opened under the budget provisions.

Speaking to Shana, Khojasteh-Mehr said: Under the provisions of this year’s budget, CBI is tasked to allocate 10 billion dollars credit to accelerating oil industry upstream projects.

Referring to better access to CBI’s resources in comparison to those of National Development Fund, the official said: We have succeeded to use CBI resources for top priority projects.

Elsewhere in his remarks, he said an inclusive package had been prepared for preserving oil and gas resources adding under the article 130 of this year’s budget, oil and gas recovery should be enhanced by one percent. He added the package will be discussed in upcoming meetings of a committee which is in charge of preserving oil and gas reserves.

‘For the first time this year budget has allowed NIOC’s subsidiaries to use bank loans for development of upstream projects’, the official said.

‘Allocation of 18 percent of National Development Fund resources to support private sector, allowing issuance of 10 billion dollars of oil bonds, giving licenses to five ministries of the country to issue 150 thousand billion rial denominated bonds, authorizing Petroleum Ministry to sell 10 billion dollars of its assets and shares are among the other ways of financing oil industry’s upstream projects’, Khojasteh-Mehr said.

Earlier the official had reported of allocating a seven billion dollars credit for implementation of 26 oil projects and providing offshore drilling rigs.

Source: Pars Oil & Gas Company

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