Tehran Times reported that the National Iranian Oil Company will offer stock futures to the public during December 22nd 2012 to January 1st 2013.
In the Phase I up to 5 million barrels of oil will be sold in the form of stock futures valued at USD 500 million. The three year papers can be repurchased in cash or in kind at due date based on price of the day. Selling stock futures is regarded as a new method for financing the oil industry projects, particularly aimed at investing in the development of joint oil and gas fields.
The NIOC will start the public offering of oil futures stock in the form of 10 barrels of oil bills according to the permissions of the Central Bank and the parliament.
According to the permission of the Majlis as per the budget bill for the current Iranian calendar year as well as based on the stipulation of the fifth 5 year national development plan, the National Iranian Oil Company is allowed to sell Islamic sukuk to meet requirements for investing in the oil industry projects.
