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Iran transfers 20 percent of oil revenues to Iranian National Development Fund

Oil&Gas Materials 3 December 2010 11:13 (UTC +04:00)

Azerbaijan, Baku, Dec. 3 / Trend A.Yusifzade /

Iran has transferred 20 percent of this year's oil revenues to the Iranian National Development Fund, Economy and Finance Minister Shamsaddin Husseini was quoted as saying by the Mehr news agency. The Iranian new year begins in March.

"While the fund's status has not been approved, 20 percent of the proceeds from oil sales have been transferred to the fund since early this year, and this is a significant indicator," he said.

Husseini added that Iran is one of several countries to boast positive indicator for attracting foreign investments last year. The growth of foreign investments amounted to 95 percent.

"Last year, the growth index on the Tehran Stock Exchange hit 58 percent and we maintained the same level this year," Husseini said.

Iran is the third largest oil producer in the world. Iran's production reached 3.8 million barrels per day in 2009.

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