DUBAI: Iran is looking to offer up to $4.5 billion in rial and foreign currency-denominated bonds by March 2018, the oil ministry’s news website SHANA reported on Saturday.

Iranian authorities have been keen to attract foreign investors after the end of sanctions on the country, where international bond issuance has been virtually non-existent since the late 1979 Islamic revolution.

Parliament approved on Saturday an item in the state budget for the Iranian year starting on March 21, which allows the oil ministry to issue $3bn worth of the rial and foreign-currency-denominated bonds, SHANA said.

Under another budget line passed on Saturday, the ministry can issue up to 50 trillion rials ($1.5bn) worth of the bonds, it added. According to the text of the proposed budget, the $3bn in bonds are to be used to repay ministry debts for existing projects and the $1.5bn bonds are to be used to finance new oil and gas projects.

After being passed by parliament, the entire budget has to be approved by a clerical body that vets legislation.

Published in Dawn, February 26th, 2017