TEHRAN – The Economic Council of Majlis Thursday approved allocation of Rls.5,000b by the National Iranian Oil Drilling Company (NIODC) towards new investments this year.

The approval came at the request of the Oil Ministry to further improve investment in oil industry by taking the said amount from NIODC’s domestic resources. The council, by referring to the Article 87 of Financial Adjustment Law, gave an aye to the demand.

Part of the investments must be channeled toward supplying drilling equipment and establishing side installations while plan studies to satisfy such needs ought to be taken into consideration.