Azerbaijan, Baku, May 6 / Trend F.Milad /
The Integration Committee of the Iranian parliament (Majlis) has allowed Oil Ministry to use assets of the National Development Fund to complete Anahita and Persian Gulf Star refinery projects, the Mehr News Agency reported.
President Mahmoud Ahmadinejad said that the National Development Fund's assets would hit $55 billion by the end of the current calendar year (March 20, 2013).
At least 20 percent of the fund's credits will be allocated to promoting foreign investment, according to Iran's Finance and Economic Affairs Minister Shamseddin Hosseini.
According to the Fifth Five-Year Development Plan (2010-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation.
Iran transfers 20 percent of oil revenues to National Development Fund.
Deputy Oil Minister Alireza Zeighami said that about $25 billion should be invested in developing new oil refining capacity with priority given to Pars condensate refinery in Shiraz, Persian Gulf Star refinery, Anahita refinery in Kermanshah, Shahriyar refinery in Tabriz, and Hormoz refinery in Bandar Abbas.
About 70 percent of the process of building oil refineries has been indigenized by Iranian contractors and manufacturers and the figure can be increased up to 90 percent by 2015, he added.
...