Iran plans to issue bonds worth some 11.5 billion euros ($14.8 billion) by March 2011 to help finance development of its energy sector, the semi-official Mehr news agency quoted a senior official as saying on Friday.
Iran needs funds to expand and modernise its all-important energy sector, but many foreign companies increasingly reluctant to invest in the major oil producer due to a long-running standoff with the West over its nuclear work.
