Iran's largest refinery will start issuing bonds on Sunday worth a total of 2.5 trillion rials (about $250 million) to help finance expansion of gasoline production, state broadcaster IRIB reported on Saturday. Iran is the world's fifth-largest crude exporter but lacks sufficient refining capacity to meet its gasoline needs, leaving it potentially vulnerable to any Western sanctions targeting such trade.
Iran is under US and UN sanctions over its disputed nuclear programme. Iran's Bank Tejarat will sell the bonds issued by state-owned Abadan refinery, IRIB said, making clear they would be rial-denominated debt paper.