A small and tedious-looking announcement of the ratification of a bylaw relating to the issuance of securities appeared on Iranian government-affiliated websites last week and was unsurprisingly ignored by the world’s international media but not OilPrice.com . To OilPrice.com the blank statement that Iran’s First Vice President, Eshaq Jahangiri, signed off on the issuance of Islamic compliant securities in the calendar year of 1399 (which began on 20 March) means Iran will have access to a massive new stream of capital that it will use to drive forward its long-stalled oil and gas development programme. After that, this funding will be used to build-out the remaining key sectors of its multi-faceted economy in line with Western counterparts in order that it can re-assert its economic power in the Middle East, as it already does politically through the asymmetric use of its military and its neo-military proxies. Specifically, the order […]