Iran’s NDF opens $10 billion credit line for financing petrochemical projects

Oil&Gas Materials 7 December 2012 15:11 (UTC +04:00)

Azerbaijan, Baku, Dec.7/ Trend G.Mehdi/

Iran's National Development Fund (NDF) will open a credit line worth $10 billion to finance national petrochemical projects, the Mehr News Agency quoted Mahmoud Dodangeh, a board member of the NDF stated.

Up to 20 per cent of the NDF's assets have so far been allocated for the development of petrochemical projects, he said, adding that three billion dollars had been spent to build and expand petrochemical units.

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

On December 3, NDF managing director Mohammad-Reza Farzin said that the fund has over $42.8 billion in cash.

He told the Fars News Agency that Iran transfers 20 per cent of its oil revenues to the National Development Fund.

He added that $11.5 billion of the sum had been allocated for supporting the private sector.

President Mahmoud Ahmadinejad has said that the National Development Fund's assets would hit $55 billion by the end of the current year.

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 generations.