The Iran Project

Iran to tap NDF for $1b for upstream projects

TEHRAN April 13 (Shana)–Iran is to dip into National Development Fund (NDF) to earmark more than one billion dollars for upstream oil and gas projects, a senior official of National Iranian Oil Company (NIOC) said.

Moshtaq-Ali Gohari said the sum is to be withdrawn from the NDF in the current calendar year to March 2015.

He said that Phase 14 of the offshore South Pars gas field as well as liquefied gas factories in southern Iran are to be financed by NDF.

Gohari said nearly 10 billion dollars have so far been withdrawn from NDF for upstream projects, adding that five billion dollars have been spent in South Pars.

He said development of Azar and Darkhoein oil fields, and centralized and combined cycle power plants in South Pars are among other projects to be financed by NDF.


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