Iran is to issue the equivalent of $1bn in bonds in local currency this week to help finance the development of its South Pars gas field in the Gulf, Reuters has reported. Ali Vakili, managing director of the Pars Oil and Gas Co (POGC), a subsidiary of the National Iranian Oil Co, said 30,000bn rials of bonds are part of a $3bn bond issue to happen by the end of the year. POGC needs some $40bn for the remaining phases of the giant Pars gas field in the Gulf which it shares with Qatar, Vakili told the news service.