Iran’s Oil Ministry Taps 14 Billion from National Development Fund
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 National Development Fund’s assets would hit $55 billion by the end of the current calendar year. Iran’s National Development Fund is a successor to the Iran Oil Stabilization Fund. Iran transfers 20% of oil revenues to the National Development Fund. The Western economic sanctions are forcing Iran to shut off wells and sink production levels.
Minister Qasemi said the move “indicates that the country has enough financial resources to fund projects.’
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