Page 32 - IRANRptJul19

Iran - Financial market as of Jun 2019 as of Jun 2018 as of Dec 2017
Equity market index: Tehran Stock Exchange (TEDPIX)
248,533 111,528.2 95,561.5
Market capitalisation: % of GDP
23.9% (2017) 25.7% (2016) 22.7% (2015)
Market cap: Tehran Stock Exchange (TSE) 224.85 100.66 105.98 (USD bn)
PE ratio: TSE 8.41 6.76 7.01 Source: CEIC
8.4 Fixed income
8.4.1 Fixed income - bond news
National Iranian Oil to issue IRR 20bn of fixed rate bonds in mid-March
Iran badly needs foreign investment to boost output from its oil and gas reserves because much of its hydrocarbon production has been restricted or crippled by years of Western sanctions.
A manager at National Iranian Oil Co (NIOC) said on March 12 there were 200 undeveloped oil and gas fields in Iran. “The recovery rate of Iranian fields is 10% lower than the average rate of recovery in the world,” Karim Zobeidi, NIOC’s deputy for planning, was quoted as saying by Shana.
The chief executive of NIOC, Masoud Karbasian, was cited as saying at the same time by the news agency that the company would issue 20 billion Iranian rial ($476,000 or $154,000 at the free market exchange rate) of fixed-rate (Manfa’at) bonds in mid-March.
The bonds would help finance the development of NIOC’s oil and gas projects, Karbasian said. They were to be sold on the Fara Bourse, an over-the-counter market for securities in Tehran.
9.0 Industry & Sectors 9.1 Sector news
9.1.1 Oil & gas sector news
Petroleum minister says Iran exempted from OPEC output cut
Iran’s Petroleum Minister Bijan Zanganeh said the first grouping of the Organisation of the Petroleum Exporting Countries (OPEC) was “good”, adding that Iran was exempted from production cuts, SHANA and Tasnim news agencies reported on July 2.
Iran, with US sanctions placed on the sale of its oil, gas and condensates, continues to make deliveries via the grey market to a few remaining countries including China . However, any country found out to be sidestepping US sanctions on oil and petrochemicals could be sanctioned, including Beijing,
32 IRAN Country Report July 2019
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