Iran Fund Allocates $14 Billion to Oil Projects, Shana Says

Iran will withdraw $5 billion next week from the National Development Fund to push through several oil projects, Iranian Oil Minister Rostam Qasemi said.

The fund will allocate $14 billion to energy projects, Qasemi said, according to the oil ministry’s news agency, Shana.

Iran has sufficient financial resources despite sanctions in place, Qasemi said in the report published today.

A total of $50 billion need to be invested in upstream and downstream projects every year until 2015, Qasemi said.