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| Iran’s development fund allocates $14b to oil industry |
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.jpg) TEHRAN – The National Development Fund (NDF) and the Oil Ministry signed an agreement on Monday according to which the NDF will earmark $14 billion of its assets to oil industry projects.
The agreement was signed by NDF director Mohammad-Reza Farzin and Oil Minister Rostam Qasemi.
Over 70 percent of the sum will be spent on the development of oil and gas fields and expanding upstream sector in the oil industry and the rest will be channeled into refining industries, Qasemi explained.
President Mahmoud Ahmadinejad has said that the NDF assets would hit $55 billion by the end of the current calendar year (March 2012-March 2013).
The NDF was established to transform oil and gas revenues to productive investment for future generations.
According to the Fifth Five-Year Development Plan (2010-2015) 20 percent of oil revenues are put in fund.
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| Last Updated on 02 July 2012 17:16 |