Iran’s Oil Ministry Taps 14 Billion from National Development Fund

Posted on 07/11/2012

In July, two days after the European Union embargo on Iranian oil took effect; Iranian Oil Minister Rostam Qasemi signed a memorandum of understanding (MoU). The MoU entailed the oil ministry to tap Iran’s National Development Fund for $14 billion which currently the fund was at $35 billion. Iranian President Mahmoud Ahmadinejad has stated the […]

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