TEHRAN – President Mahmud Ahmadinejad has allocated four billion dollars from the Oil Stabilization Fund for investment in the oil industry, the director of the Pars Oil and Gas Company (POGC) said here on Tuesday.

“Following restrictions on loans imposed by foreign institutions, the president has agreed to allocate 4 billion dollars from the OSF to the oil industry for financing the development of South Pars phases 15, 16, 17, and 18 and also parts of phases 9 and 10,” Akbar Torkan told reporters.

He said Iran’s oil industry faces some financial problems due to the commotion created by certain major powers in the international arena, which has motivated some foreign banks to unfairly impose financial restrictions on Iran, even though there is no mention of this in the UN resolution.

South Pars is the largest gas field in the world. It is shared by Iran and Qatar and located in the Persian Gulf.