TY - JOUR ID - 142704 TI - Design a Structured Financing Instrument in Iran’s Downstream Sector of the Oil and Gas Industry JO - Petroleum Business Review JA - PBR LA - en SN - 2645-4726 AU - Hosseinzadeh Gohari, Hamid AU - Botshekan, Mhamad Hashem AU - Peymani Foroushani, Moslem AU - Mohagheghnia, Mohamad Javad AD - Ph.D. Student in Financial Management, Allameh Tabataba’i University, Tehran, Iran AD - Associate Professor, Department of Finance and Banking, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran, AD - Assistant Professor, Head of Financial and Banking Department, Allame` Tabatabei, Tehran, Iran AD - Assistant Professor, Department of Finance and Banking, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran Y1 - 2022 PY - 2022 VL - 6 IS - 1 SP - 53 EP - 79 KW - Structured financing KW - downstream oil and gas industry KW - Financial Engineering KW - design of financial instrument KW - convertible securities DO - 10.22050/pbr.2022.311179.1234 N2 - One of the most critical bottlenecks in the country’s oil industry is the lack of sufficient liquidity and a suitable and codified method for financing projects in the downstream sector of Iran’s oil and gas industry. These projects include the construction of oil and gas refineries and petrochemical plants. Oil and gas projects require a very high volume of investment, and the limited financial resources and insufficient attractiveness of the currently defined instruments do not meet the new investment needs of downstream projects to achieve the 1404 vision. Therefore, in this article, due to the novelty of the issue, numerous interviews were conducted with staff and operational managers and other relevant officials in the field of financing the downstream part of the oil and gas industry. Then, with the help of Maxqda software, all independent ideas in the form of concepts and sub-themes were identified. With the help of the Delphi method based on the process of Islamic financial engineering based on responding to existing needs by identifying the needs of the parties to the transaction, asset base, and related cash flow analysis, appropriate structured instrument in this sector were designed in six instruments. From experts and related tests, as well as analysis and comparison of their various risks by AHP using Expert Choice software, finally based on the tests performed on the results obtained from questionnaires and interviews of experts, structured financing instrument in the form of convertible securities parallel Istisna Sukuk–Lease (Ijarah) and Sukuk–stock was approved. UR - https://pbr.put.ac.ir/article_142704.html L1 - https://pbr.put.ac.ir/article_142704_ab905c052343afdec89cf26e9b29011d.pdf ER -