Ali Saeedi, speaking at the issuance ceremony of a €200 million
foreign currency murabaha bond for Mobarakeh Steel Company, highlighted the
growing use of innovative financial instruments to support large-scale
industrial projects in Iran.
“Last year, the first murabaha bonds worth €150 million were issued in
two phases to fund the flare gas collection facilities at the Bid Boland Gas
Refinery, receiving strong market demand,” Saeedi said. Following this, two
additional phases totaling €60 million with 6% profit aimed at completing the
heavy and light ethylene projects at Soroush and Negin Petrochemical complexes
were launched this April.
Currently, the fifth phase involves a €200 million issuance to finance
the Hot Rolling Mill 2 project at Mobarakeh Steel, split into €110 million and
€90 million tranches.
Saeedi confirmed that in the coming days, the €150 million murabaha
bonds of Bandar Imam Petrochemical, underwritten by Bank Tejarat, will be
offered.
He further stated that, in coordination with the Central Bank and
issuers, the goal is to increase total murabaha bond offerings to €2 billion by
the end of this year.
“All companies funded through these bonds generate significant foreign
exchange earnings,” Saeedi emphasized. For example, the Hot Rolling Mill 2
project at Mobarakeh Steel is expected to generate annual revenues of
approximately $942 million, underlining the importance of foreign currency
financing in stabilizing Iran’s currency market.
He concluded by noting that several diversified financial market
policies have been designed and will be implemented soon.