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

July 3 (Bloomberg) -- 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.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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