POGC - South Pars Gas Field Development
Pars Oil and Gas Company (POGC) a subsidiary of the National Iranian Oil Company (NIOC) is undertaking the development of south pars gas field development in Iran.
POGC has embarked on exploration and development of the gigantic South Pars field located on the common borderline of Iran and Qatar in the Persian Gulf, about 100 km from Iran's southern coastline. The 3,700 sq km South Pars field has proven gas reserves of 350 TCM equalling to 6 percent of the world and 50 percent of Iran's total reserves.
The development of the South Pars is planned in multiple phases.
The US$91,000 million project includes the following:
1. Drilling of wells
2. Construction of platforms
3. Construction of gas treating units
4. Construction of condensate refinery
5. Construction of power plants
6. Laying of pipelines
7. Construction of associated works
12 October 2021
The South Pars Gas Development: Phase 14: Refinery: Construction works have been progressed up to 85 percent and expected to be completed by February 2022.
23 September 2021
The South Pars Gas Development: Phase 14: Utility and Process Units' construction works have been completed.
10 August 2021
The overall construction have progressed up to 86 per cent and South pars phase 11 development has completed the construction of 24 wells. (Source: MEED)
01 August 2020
The project was in the FEED stage as per the last update in May 2020. Since then, neither information has been procured related to its progress, nor obtainable from contact with key stakeholders. We believe the project to still be in the FEED and have amended the project dates accordingly. We will continue our efforts to obtain information on this project.
05 May 2020
Construction works are complete on phase 12.
29 January 2020
Petropars will solely develop the South Pars Gas Field Development: Phase 11
09 October 2019
CNPC is no longer associated with the Phase 11 project.
19 August 2019
The client is in talks with CNPC for the development as CNPC has stopped the investment due to legal issues after replacing Total.
25 June 2019
Construction works completed on Phase 14.
04 June 2019
Construction works are nearing completion on Phase 14.
25 April 2019
The contract has been signed with China National Petroleum Corporation (CNPC) to complete South Pars offshore project phase 11.
04 April 2019
The construction works on onshore phase 13, offshore phases 22, 23 and 24 have been completed.
14 March 2019
The construction works on onshore phase 13 is in the final stage and expected to be completed in the month of March 2019 and the construction works on onshore phase 14 is 84% complete.
05 March 2019
The construction works are under way. The second platform out of four platforms of South Pars on offshore phase 22-24 has been installed.
03 January 2019
The construction works on onshore phase 14 are under progress.
17 December 2018
The construction works on offshore phase 14 have been completed.
13 December 2018
The construction works on phase 22, 23 and 24 onshore have been completed.
29 November 2018
Construction works have progressed up to 92% in both offshore and onshore of phase 22 to 24 and expected to be completed by the end of January 2019. Platform 24A of phase 24 is expected to be completed by the end of December 2019.
11 November 2018
Construction works are under progress on Phase 13 and Phase 22 to 24.
30 October 2018
Construction of phase 14C (Offshore) was completed and operational.
22 August 2018
Total SA has officially withdrawn its JV agreement for the development of phase 11 of south pars.
01 June 2018
Phase 13: Offshore: The works on the project is progressing and is expected to complete by March 2019.
26 March 2018
*Phase 13: Onshore : The project has progressed up to 92 percent. *Phase 13: Offshore : The project has progressed up to 89 percent.
07 March 2018
South Pars Gas Development: Phase 11: The contract award process is being delayed to the United States sanction.
16 February 2018
*POGC - South Pars Gas Field Development: Phases 22 to 24 : Offshore The overall project will be operational in March 2018.
30 January 2018
South Pars Gas Development: Phase 11: The Main Contractor for this project is expected to be announced by February 2018 and the construction works is anticipated to be commenced by Q3 2018.
11 January 2018
A GIS Substation which will provide electricity to South Pars 2 region refineries, including phases 12, 13, 14, 19, 22, 23 and 24 is under construction and is expected to be operational by May 2018.
04 January 2018
South Pars Gas Development: Phase 14: The construction works have been progressed up to 77 percent.
06 December 2017
South Pars Gas Development: Phase 14: Offshore: The drilling activities on the first well of Platform A has been completed.
27 November 2017
Phase 13: The refinery, drilling activities and pipe laying sections are 90 percent, 81 percent and 78 percent complete respectively.
10 October 2017
South Pars Gas Field Development: Phase 11: Maersk Oil, a subsidiary of France's Total has shown its interest in the South Pars oil layer project and is expected likely to get an award to produce ultra-light crude from this project.
04 July 2017
*POGC - South Pars Gas Field Development: Phase 11 : Total has signed the final contract with the client worth $4.85 billion for the development of the project.
17 April 2017
Phases 17-21 have been inaugurated.
04 April 2017
It is understood that south pars gas field has 40 platforms and 13 refineries once developed the project is complete.However 25 platforms and 10 refineries are in operation.
03 March 2017
*POGC - South Pars Gas Field Development: Phase 11 It is understood that, the client would soon finalise a deal with the french company Total on the project.
10 February 2017
* Phase 11 : The investment of $2 billion for the development of the project is under consideration by Total and it will be finalized by Q2 2017 due to imposing new sanction against Iran by new US government .
06 February 2017
It is expected that all phases of south pars gas field will be operational by March 2018.
02 February 2017
*Phase 11 : The drilling and engineering works have started on the project.
18 January 2017
*Phase 17 & 18 Offshore & Onshore : The overall completion is expected by March 2017.
17 January 2017
*POGC - South Pars Gas Field Development: Phases 20 & 21 : The project is scheduled to be operational by March 2017.
10 January 2017
Phases 20 & 21 : The drilling works have been completed on the project.The overall completion is expected by March 20,2017.
19 December 2016
*Phase 21 : The gas production has started on the project.
23 November 2016
*Phase 21 : The installation of the platforms is complete.
17 November 2016
*: Phase 12 : Ethane Recovery Plant : The tenders for the main contract is expected to be issued soon.
15 November 2016
*Phase 20 : The project has made progress up to 92 per cent.
14 November 2016
It is understood that the platform installation works will be completed by Next week.The 22 wells have been drilled in the field.
25 October 2016
Phases 17 & 18: Offshore : Currently, fixing of spuls of the 18 inch pipelines between platforms 18A and 18B is underway followed by hydrotest of the pipeline. Once the pipeline is complete the gas produced in the platform will be sent to the platform A18 and then to the refinery.
24 October 2016
The construction works of platform phase 20 has been progressed up to 98 per cent and will be loaded soon.The test of the pipeline for phase 21 has started and remaining sea pipeline activities and operation of the pipeline for phase 21 will be complete by November 2016. The pipeline operation for phase 20 will be operational by January 2017.
20 October 2016
*Phases 17 & 18: Offshore : The platform will be installed on November 10, 2016 and will put into operation by February 2017.
20 October 2016
*Phase 11 : The tender for the main contract will be issued soon.
17 October 2016
* Phase 14: Offshore : The construction works of the platforms has been progressed up to 76 per cent. The platforms A & B will be installed in January and March 2017 respectively.
10 October 2016
*Phase 13: Offshore: The drilling works on the project will be completed by March 2017.
04 October 2016
*Phases 20 & 21 : The overall completion rate of the project is 90.5 per cent and is expected to be complete by November 2016.
26 September 2016
*Phase 11 Offshore & Onshore : Three international companies Eni, Hyundai and Total have submitted their proposals for the project, however, the client will issue international tender for the project.
21 September 2016
*Phase 22 to 24 : The drilling of 4 wells is still on going and it has progressed up to 70 per cent. The overall completion is expected by March 2017.
08 August 2016
* Phase 14: Onshore : The works on the project are progressing as per schedule. The overall completion is expected by March 2018.
08 August 2016
* Phase 13: Onshore : The construction works of the platform are progressing as per schedule. The overall completion is expected by October 2016.
08 August 2016
Phases 17 & 18: Offshore & Onshore : The projects will be operational by September 2016.
08 August 2016
* Phases 20 & 21 : The operations and installation of the phase 21 platform is ongoing and it will complete by November 2016.
01 August 2016
Phase 5 : The facility is is under maintenance shutdown and will be operational again by 11th August 2016.
25 July 2016
Phases 20 & 21 : The works on the project are ongoing. It is expected that project will be completed by December 2016.
04 July 2016
Phase 19 Offshore : The project is complete.
22 June 2016
Phases 20 & 21 : The project is planned to come online by the end of 2016.
16 June 2016
Phase 19 : Offshore : It is understood that construction works of platform will be completed by July 2016 and the gas production is expected by November 2016.
13 June 2016
Phases 20 & 21: The drilling works on the project are completed.
07 June 2016
Phases 22 to 24 : Offshore & Phase 13: Offshore : The laying of the pipeline has been awarded to Iranian Offshore Engineering and Construction Company .
26 May 2016
South Pars Gas Field Development: Phases 19 : Offshore : The project has made overall progress up to 94 per cent.
12 May 2016
Phases 22 to 24 : Offshore & Onshore: The drilling works of 4 well is still ongoing on the project. The project will be completed by March 2017.
09 May 2016
South Pars Gas Field: Phases 2 & 3: Tail Gas Treatment Units : The project has been revived and the engineering works on the project are nearing completion. The construction works will start on the project by March 2017.
26 April 2016
The construction works on the platform of South Pars Gas Development: Phase 13 onshore & offshore has been progressed by 90 percent.
26 April 2016
Phase 14: The drilling activities on the project are on going. Overall drilling activities on phase 14 is 70-80 per cent complete.
20 April 2016
Phases 17 & 18: Onshore : The project will be operational by March 2017. Phases 17 & 18: Offshore : The project will be operational by March 2017.
18 April 2016
Phase 21 : The construction of the platform has progressed by 92 percent. Phase 20 : The construction of the platform has progressed by 86 percent.
18 April 2016
South Pars Gas Field Development: Phases 19 : Offshore: The construction work of the platform has been progressed by 87 percent.
17 April 2016
Phase 20 & 21: The works on the project are on going and it is expected to be completed by March 2017.
04 April 2016
South Pars phase 11 : Domestic and foreign companies have shown willingness to participate on the project.
30 March 2016
South Pars phase 11 : The client is awaiting finance on the project.
30 March 2016
South pars phase 17 & 18: The project has made overall physical progress up to 93 per cent.
29 March 2016
South pars phase 19 has started producing the gas.
10 March 2016
Phase 13: Offshore: The project has progressed by 90 percent and the project will start producing gas by September 2016.
28 January 2016
Phase 17 and 18 have progressed by 92 percent and will become operational by March or April 2016.
15 January 2016
The remaining phases in Bushehr Province would require an additional investment of $20b for its launch and to ensure completion within the intended two years.
13 January 2016
The overall project is expected to complete by March 2018.
12 January 2016
The project will need $20bn for completing the overall project.
16 November 2015
The South Pars 20 and 21 have progressed by 80 and 83 per cent respectively. The transportation and installation of phase 21 of South Pars gas platform will be at the end of May 2016. The overall progress of pipelines on land and sea areas outside the refinery of South Pars phases 21 and 20, are 92 and 30 percent respectively.
08 September 2015
Phase 19 offshore: The project has made progress up to 87.67 per cent and the drilling works of this phase is almost complete.
27 August 2015
Phase 11: Two Iranian companies Mapna and Petropars are in talks to develop the phase 11 of the super giant South Pars gas field development.
24 August 2015
Phase 20 & 21: Pipe-lay works on the sea bed near the platform has been successfully completed.
20 August 2015
Phases 15 (Complete) & 16: Onshore Facilities: The project is expected to become fully operational by March 2016.
20 August 2015
Phase 19: The first refinery train of phase 19 is expected to be operational by end 2015. The platform C of phase 19, pipelay operations for the platform is complete and is being prepared for pre-startup stage. The SPD2 platform will be installed in this phase. Two refinery trains in this phase with offshore feedstock supply will come on-stream by end-2015 if the finance is arranged as planned.
17 August 2015
Phases 15 (Complete) & 16: Onshore Facilities: The project is in its final stage and completion is expected by late September 2015.
11 August 2015
The drilling of 8 wells at platform 24A will be completed by mid-September 2015 and drilling works on 11 wells were completed on phase 22 and the wells are being prepared for CRA pipelay work. The first platform of both the phases 22 and 24 will be loaded and installed in 2016 and 8 more wells will be spudded on phase 24 by September 2015. Currently 77.2 per cent works on phases 22 and 24 are complete by adding three drilling rigs which are currently operating at both these phases.
06 August 2015
Phase 11: At present the project is on hold. It is understood that the project will be revived soon as Iran's oil ministry has ordered to appoint a consultant for feasibility study on the project.
04 August 2015
Phases 20&21: The project has made progress up to 78 per cent and it is expected that the project will come into operation by Q4, 2016. The offshore section of this project has made 81 per cent progress and drilling works of six wells are to be completed by October 2015.
03 August 2015
Phase 14: Drilling operations of this phase has made up to 55 per cent progress so far.
03 August 2015
Phase 17 & 18: The project has made overall physical progress up to 89.7 per cent. However it is expected to be completed by end of Q1, 2016.
29 July 2015
Phase 19 package has made overall progress up to 86 per cent.
22 July 2015
The boilers on the Phase 19 packages have now been lit for preparation of startup, along with desalting and nitrogen units which are now operational. In June 2015 the flare of Phase 19 was lit. The laying of pipeline at Phase 19 are now 93 per cent complete. The export terminal is now 70 per cent complete and the platforms construction have progressed by 75 per cent. Platform 19A is 65 per cent and 19B is 40 per cent complete. Platform 19C is expected to start production by March 2016.
02 June 2015
The client has confirmed that the development of the south pars field will complete by end of 2017.
27 April 2015
South Pars Gas Field Development: Phases 17 & 18: Onshore: The two gas sweetening unit for South Pars 17 & 18 has become operational. However the rest of the project is expected to be complete by end of 2015.
23 April 2015
Phase 13 has overall progressed to 74.64 per cent completion and it is expected to be complete in 2016.
15 April 2015
The overall South Pars Phase 19 has progressed to 85 per cent and part of the project is expected to be operational by this year end.
14 April 2015
POGC - South Pars Gas Field Development: Phases 17 & 18: Offshore The works on the project is expected to be completed in H1 of this year. The two platforms of SP phase 14 are expected to be used temporarily for completion of SP phases 17 and 18 development project.
14 April 2015
South Pars Phase 14 has made 60 per cent overall progress.
12 April 2015
Phase 13: Offshore & Phases 22 to 24 : Offshore There has been delay on the project specifically installation of platforms. However one platform is expected to be operational by March 2016.
12 April 2015
Phase 13: Onshore & Phases 22 to 24: Onshore The works on the project is progressing and is on schedule.
08 April 2015
The phase 15 & 16 is expected to be operational by end June 2015.
06 April 2015
South Pars Gas Field Development: Phases 22 to 24 : Offshore: Petro Gohar Farasahel Kish Co. (PGFK) is drilling at âSPD24A platformâ of South Pars phase 24. There are eight wells being drilled at this platform
17 March 2015
South Pars Gas Field:Phase 12:Onshore Gas Treatment:Gas Processing Facility: The works on the project is complete.
04 March 2015
South Pars Phase 12 offshore & onshore section is 100 percent complete.
23 February 2015
Following is the latest progress of the phases in South Pars: Phase 12 : 97% (Including Platform D) Phase 13 : 73% Phase 14 : 58% Phase 15&16 : 95% Phase 17&18 : 88% Phase 19 : 85% Phase 20&21 : 72% Phase 22-24 : 75%.
12 February 2015
The development of all phases of South Pars will complete by 2018 as per Iran's oil minister.
05 February 2015
Phase 12 will get fully operational once the 6th gas sweetening unit comes online. Trains 2 to 6 of the gas sweetening units of the refinery will be launched by the end of the current week.
15 January 2015
There has been a progress of 72 per cent, 57 per cent, 84 per cent, 70 per cent and 74 per cent with phases 13, 14, 19, 20&21 as well as 22, 23 &24 respectively. The client has planned to appoint local contractors to develop the offshore sector of phase 11. Foreign companies have not been able to take part in the development of phase 11 due to sanctions. Currently, phases 15 & 16 are producing 33 mcm/d of gas to be fed into national gas trunkline. So far, 11 and 7 wells have been completed in phases 16 and 15 respectively. The gas of both phases of has been transferred to the relevant refinery and production of 40 mcm/d of rich gas will be realized by Feb. 2015 after refinery equipment is installed. The fourth train is expected to be operational in the coming weeks. Phase 19 is far ahead among the others with its related pipeline and drilling works being completed. The construction of its refinery has also made 80% headway. It is expected to get on stream by 2016.
14 January 2015
Currently, phases 15 & 16 are producing 33 mcm/d of gas to be fed into national gas trunkline. Gas production from these phases is expected to reach 40 mcm/d soon. The target would be achieved after refinery equipment is installed. The fourth train is expected to be operational in the coming weeks.
14 January 2015
Drilling operations on the first platform of phase 19 have ended. The entire drilling operations of phase 19 would complete by the end of March 2015.
12 January 2015
The first gas sweetening train of South Pars shared gas field phases 17&18 has started to operate with an injection of 12 mcm/d of sweet gas into the cross-country gas grid.
08 January 2015
There are 16 drilling rigs currently active in different phases of South Pars gas field simultaneously. There are two drilling rigs currently busy in the development project of phases 1 and 12, two in phases 13, 14, 19, 20&21 and 22-24 each, and four drilling rigs in phases 17&18.
22 December 2014
By March 2015, Iran daily production from this reservoir will reach 400 mcm/d. From 2023, if no artificial lifting is involved to extract gas from the reservoir, the gas flow of the field will slow down. From 2023 to 2033, the gas should be tapped using a compressor and in 2033, South Pars reserves will end. In site one of South Pars, there are eight refineries, 16 phases, 16 platforms and 196 wells, while in site two, there are six refineries, 13 phases, 13 platforms and 210 wells. At present, the field supplies 50% of the gas consumed in the country, the percentage of which will reach 75% by March 2018. Currently there are 4 refineries which is expected to reach 14 in future. The volume of gas condensates is 400,000 bpd at present and is supposed to reach 1.24 Million bpd when the entire 14 refineries will be on stream in future. The daily output of LPG is 8,000 tons/d which is expected to reach 34,200 tons/d. By the end of the relevant development plan, the daily output of sulfur will reach 5,000 tons/d from the current 1,400 tons/d, while the production of ethane will shift from current 5,200 tons to 27,120 tons/d.
27 November 2014
Building gas refineries of South Pars gas field phases 17&18 has progressed 93 percent. The first train of gas refinery of ths phase will come online by end of December, 2014. The platform of phase 17 is in its final stage and in December they are preparing to transfer sour gas to onshore facilities for sweetening.
27 November 2014
South Pars phase 16 platform got on stream on 25th November & phase 15 will get fully on stream by starting of December, 2014. Phase 15 & 16 has made 95% physical progress. Hydro-desulfurization unit and ethane recovery unit of this refinery will be also fully commissioned within the next two months.
11 November 2014
IGAT 5 is connected to South Pars Phase 12 to inject a volume of 25 mcm/d of gas into the refinery in order to boost sweet gas production of the country and provide feedstock for South Pars phase 12 Gas Refinery.
19 October 2014
Phase 12:Onshore Gas Treatment:Liquid Processing Plant is complete and it will be handed over to the client January 2015.
10 October 2014
The fourth jacket of Phase 13 offshore field has been loaded. The jacket is to be installed at C13SPD position.
25 September 2014
Onshore: South Pars phases 15&16 platforms, with a capacity of about 2 bcf/d of sour gas, will be commissioned in mid-October and early November 2014. Installation of the pipeline between these two phases is also at its closing stage and is supposed to get finalized by mid-October â14. Offshore: Preliminaries for commissioning the third train of the refinery of South Pars phases 15&16 are underway. At least a volume of 40 mcm/d of sweet gas is tried to be produced at three refining units of this refinery in winter.
21 September 2014
Based on the latest report released by the oil ministry in September 2014. Following is the progress of the phases. Phase 1 - 99% Phase 12 - 95% Phase 13 - 67% Phase 14 - 54% Phase 15 & 16 - 93% Phase 17 & 18 - 82% Phase 19 - 75% Phase 20 & 21 - 61% Phase 22-24 - 68% Phase 11 - At design and study stage to attract investors .
09 September 2014
IOEC is building five new platforms for the different phases of the South Pars gas field and it has successfully finished 4 other offshore platforms for phases 17, 18, 12-A and 12-B of South Pars gas field.
27 August 2014
The development of projects for gas production from the South Pars field have been delayed due to sanctions against the country.
19 August 2014
The South Pars gas project is expected to be completed by 2017 regardless of the sanctions on Iran over its nuclear program.
04 August 2014
The South Pars Phase 19 has progressed to 77.5%. Onshore - 78.2% work done Offshore - 77.6% work done Offshore work includes construction of parts of the Sea pipelines, jackets and platform. 74.2% of drilling works is complete.
28 July 2014
10 new gas refining units will come on stream in the South Pars gas field. The refineries are to be constructed for phases 12, 15, 16, 17 and 18 of the South Pars offshore gas field. The output is expected to increase by 100 million cubic meters per day and will become operational by March, 2015.
24 July 2014
Budget is allocated for purchase goods for two satellite platforms of phases 17&18 of South Pars gas field. Installation and commissioning of satellite platforms of phase 17 & 18 will be carried out in mid-June 2015. The installation process of the jackets of new phases has speeded up. Last jacket of phases 13 & 24 are currently being install and loaded.
14 July 2014
Iranian Government Spokesman Mohammad Baqer Nobakht announced that the country has allocated $4bln for the development of the remaining phases of the giant South Pars oil and gas filed.
28 April 2014
Drilling wells in Phase 14 is progressed up to 39 per cent and 2 appraisal wells have already been drilled.
11 March 2014
Turkish Petroleum Corporation (TPAO) will not undertake any investment in South Pars gas field as the Turkish government had decided that it was not in the companyâs best interests.
11 March 2014
The drilling operations of the wells at South Pars Gas Field Development: Phases 20 and 21 has progressed upto 42 per cent. The project might reach early production stage by March 2015, if it makes favorable progress in the construction and commissioning platforms of SP phases 20 and 21.
21 July 2013
Industry sources indicate that as per POGC, the progress rates of SP Phases 17&18 project are as follows: - Overall Progress (both Offshore & Onshore): 79 per cent *Consortium progress (IDRO, IOEC & OIEC): 88.3 per cent *Offshore Structures: 88.82 per cent -Pipelines Construction: 96.45 per cent *Construction of Platforms and Transfer Pipelines (By SADRA): 51.8 per cent *Drilling Operations: 65.67 per cent -Drilling of 22 Wells by NIDC: 92.25 per cent -Drilling of 22 Wells by Dana Drilling: 12.25per cent Also as per NIOC,SP phases 17&18 are on schedule to get operational by the March 2014.
19 June 2013
Industry sources indicate that the Marine-1 drilling rig will start the drilling of 12 wells in phase 20 after completing its operations in the oil layer of the field.
22 February 2013
Industry sources indicate that the implementation of phase 13 and phase 14 has been delayed due to the existing problems and limitations in procuring goods.
09 October 2012
Industry sources indicate that around $820m will be financed in bonds for the South Pars gas field development projects.
04 October 2012
Construction is ongoing on other packages of this project.
28 June 2012
Industry sources indicate that Pars Oil and Gas Company (POGC) will issue around $4300m and foreign currency bonds to finance the South Pars gas field development plans by March 20, 2013.
01 June 2012
All packages are progressing as per schedule.
14 March 2012
Iran government will issue $407m bonds by the end of March 19, 2012 to finance South Pars gas field projects.
13 February 2012
Iran government offered second batch of South Pars gas field development bonds with an interest rate to 20 per cent. Central Bank of Iran (CBI) has agreed to increase interest rate of the first batch of bonds from 17 to 20 per cent.
15 November 2011
To speed up the implementation of South Pars gas field projectsNational Iranian Oil Company is likely to issue $5000m bonds by March 20, 2012. (15/11/2011)
27 June 2011
The South Pars contractors are facing lack of fund. Although a part of the finance needed by these projects had been supposed to be provided through the sale of public bonds as well as domestic banks, the fund secured accordingly has not yet injected into the South Pars projects. (25/06/2011)
27 June 2011
Since the South Pars contractors are facing financial problems, South Pars new phases will not get operational before 40 months of time. (25/06/2011)
17 December 2010
The client is planning a new $6600m domestic bond to finance the development of South Pars gas field development. (16/12/2010)
22 November 2010
Iran will issue bonds worth $7000m to finance the project. The bonds will be issued in $700m in installments. Further Iran will also aim on raising $12500m by selling state assets along with two refineries. By the end of March 2011, Iran will also be investing around $13000m on various field development. They are also expecting South pars generate around $100000m income per year when fully developed. (22/11/2010)
17 August 2010
The Government of Iran will offer $3000m in domestic bonds starting next week. The first portion of the bonds will be offered on 21 August 2010 and will be followed by a second offering on 11 September 2010. The total $3000m will be offered over six stages, $500m being offered in each stage. The bonds will carry an interest rate of 16 per cent. Saderat Bank will raise $1000m in the first two tranches. The Government of Iran has already offered $1300m in bonds this year to raise funding for the project. (17/08/2010)