May 2, 2020 / 11:25 AM / a month ago

Iran to issue sukuk securities to fund oil, gas projects

DUBAI (Reuters) - Iran plans to issue sukuk securities worth up to $217 million to fund oil and natural gas projects, state-run energy news service SHANA reported on Saturday.

Vice President Eshaq Jahangiri signed off on a decision, authorised under the annual state budget, which allows the oil, energy and industry ministries to issue the sukuk, which are Islamic sharia-compliant bonds, worth up to 35 trillion rials ($217 million at the free market exchange rate) for gas and oil projects, it said.

Reporting by Maher Chmaytelli and Dubai newsroom; Editing by Edmund Blair and James Drummond

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