Baku, Azerbaijan, Dec. 13
By Fatih Karimov - Trend: Iran's National Development Fund has allocated $2 billion for the development of West Karoun oilfields.
National Iranian Oil Company official Moshtaghali Gohari said the sum will be drawn from NDF by the end of the current fiscal year (March 21, 2015), Iran's Shana news agency reported on Dec. 13.
NDF is projected to allocate $6 billion for the project over the course of three years, he added.
West Karoun oilfields, which are located in the oil-rich West Karoun region in Southwestern Iran, are currently producing 300,000 barrels per day.
The production capacity is scheduled to reach 1.4 million barrels per day by 2021.
Robert Biglerian, a member of the Energy Commission of Iran's Parliament told Trend news agency on Dec. 6 that the government can use the NDF funds to invest in the country's infrastructure development plans and even pay the current expenses.
The assets of the NDF have reached to $22.2 billion.
Based on Iran's Fifth Five-Year Development Plan (2010-2015), government should deposit more than 30 percent of its annual oil income to NDF.