تطبیق الگوی اوراق بهادارسازی جریان‌های آتی (FFS) با ساختار اوراق منفعت، برای تأمین مالی پروژه های بالادستی صنعت نفت و گاز ایران

Structured finance serves as a suitable and flexible instrument for project financing, capable of playing a significant role in funding upstream oil and gas projects and channeling surplus capital toward their development. This research examines one of the diverse methods of structured finance. Future Flow Securitization (FFS) is one such method that has been adapted and proposed for financing upstream oil and gas projects in Iran, tailored to comply with the principles of Imamiyyah jurisprudence and the nation’s economic context. This study begins by defining the concepts of structured and project finance, along with other key terminologies. It then proceeds to meticulously analyze the components of FFS as a structured financing instrument. Subsequently, by reconciling the method’s components with contracts permissible under Imamiyyah jurisprudence—including Ijarah (lease), Wakalah (agency), and Ju’alah (commission)—the study determines its application to be doctrinally sound and viable. The research then employs a hybrid SAW-AHP method to select Manfa’at Sukuk (Benefit Securities) as the primary alternative to FFS. By adapting this instrument to the specific structures of Iran’s upstream projects, a tailored model for oil and gas field development is proposed. The findings demonstrate that applying this financing model is both jurisprudentially permissible and economically feasible for the development of oil and gas fields, holding the potential to effectively finance Iran’s upstream oil and gas sector.