Iran’s National Development Fund allocates $3 billion for petrochemical industry

Business Materials 30 December 2012 11:29 (UTC +04:00)

Azerbaijan, Baku, Dec. 30 / Trend G.Mehdi/

The National Development Fund (NDF) of Iran has allocated $3 billion to financing national petrochemical projects, IRNA reported.

The sum will be channeled into 11 petrochemical projects, mainly in west and south of the country.

On December 24, the Mehr News Agency quoted deputy NDF's director Ehsan Sharifi as saying that some $43 billion has so far been deposited in the NDF.

He added that around $7.7 billion of the assets has been allocated to 25 oil, gas and petrochemical projects.

On December 8, the Mehr News Agency quoted Mahmoud Dodangeh, a board member of the NDF, as saying that NDF has earmarked $17 billion for implementing different projects in agriculture, industry, and energy sectors.

Over $12 billion of the sum will be invested in the form of U.S. dollar and nearly $5 billion in the form of Iranian rial, most of which will be paid to the agriculture sector, he added.

Dodangeh said that the fund will open a credit line, worth $10 billion, to finance national petrochemical projects.

The NDF has financed projects in 5 phases of the South Pars gas field, 28 large petrochemical plans, and 13 power plant projects.

Iran transfers 20 percent of its oil revenues to the NDF.

President Mahmoud Ahmadinejad has said that the NDF's assets would hit $55 billion by the end of the current year, which ends on March 20, 2013.