Iran may use NDF assets in developing South Pars gas field

Baku, Azerbaijan, May 4
By Fatih Karimov - Trend:

Iran may use assets of its National Development Fund (NDF) in developing the South Pars gas field.

Iranian first vice president Es'haq Jahangiri said that the Oil Ministry is facing problems to fund projects relating to the development of the South Pars field, Iran's Shana news agency reported on May 4.

The government will make every effort to resolve problems of the oil and gas industry, especially in the South Pars gas field, he added.

Assets of the National Development Fund (NDF) of Iran amount to $60 billion, the deputy director general of the fund has announced.

"The NDF's reserves were around $54 billion when president Hassan Rouhani took the office last August, and since then the figure has reached $60 billion, deputy director general of the NDF," Qasem Hosseini told Trend on May 2.

Hosseini went on to say that the fund isn't facing any problems, and the situation is desirable.

The NDF is Iran's sovereign wealth fund. It was founded in 2011 to replace Oil Stabilization Fund.

Based on Article 84 of the Fifth Five-year Socio Economic Development Plan (2011-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation. Some 23 percent of the revenues from the mentioned sources went into the NDF in 2013. This share will reach 32 percent by the end of 2016.

South Pars is part of a wider gas field that is shared with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters (South Pars) in the Persian Gulf. The remaining 6,000 square kilometers, referred to as the North Dome, are in Qatar's territorial waters.

The Iranian gas field contains 14 trillion cubic meters of natural gas, about 8 percent of the world's reserves, and more than 18 billion barrels of LNG resources.South Pars total production currently stands at over 280 million cubic meters from which 202 million cubic meters is being pumped to the national gas network.

Deputy Director of Iranian Offshore Engineering Construction Company Amir Saeed Najafi said on October 27, 2013, that the income from each standard phase of South Pars gas field will reach $8.5 billion.

"By inauguration of each phase Iran earns $11.5 million each day," the IRNA News Agency quoted Najafi as saying.

Iran makes advanced industrial flame arrester
Iran makes advanced industrial flame arrester
Iran produces oil-based ozone generator
Iran produces oil-based ozone generator
Iran's Energy Exchange announces products to be on sale on May 11
Iran's Energy Exchange announces products to be on sale on May 11
Loading Bars
Latest
Over 1.6mln receive COVID-19 vaccine in Kazakhstan
Azerbaijan's import of cars from Turkey drops
Iran makes advanced industrial flame arrester
Putin says 21.5 mln Russians vaccinated against COVID-19
U.S. Treasury launches access to $350 billion in state/local COVID-19 aid
President Ilham Aliyev receives delegation led by Russian foreign minister (PHOTO)
Global COVID-19 cases, deaths reach plateau - WHO
Electric, hybrid car sales in Turkey surge over 200% in 4 months
Georgian, North Macedonian Presidents sign visa-free agreement
Second component of Sputnik V vaccine delivered to Kyrgyzstan
Iran produces oil-based ozone generator
India COVID cases hold close to record highs as calls widen for national lockdown
USAID’s focus to remain on modernization of energy sector in Kazakhstan
China-made meteorological satellite for dawn-dusk orbit passes review
Saudi Arabia's GDP contracts 3.3% in Q1 on oil output, non-oil economy recovers
Azerbaijan purchasing new equipment to speed up mine clearance on liberated lands (VIDEO)
Iran's Energy Exchange announces products to be on sale on May 11
Weekly review of Azerbaijani precious metals market
Activities in Iran’s Khorramshahr port climb
Iran’s Bahar Azadi gold coin price continues to increase
New facility to be put into operation in Iran’s electricity sector
Iran boosts production, export of greens and vegetables
Azerbaijan shares data on number of vaccinated citizens for May 10
Iran's ICOFC to develop two gas fields
National leader Heydar Aliyev`s 98th anniversary marked at parliament (PHOTO)
Program of Russian FM's visit to Azerbaijan unveiled
Azerbaijan confirms 371 more COVID-19 cases, 892 recoveries
Public reps of Azerbaijan paying tribute to late National Leader Heydar Aliyev (PHOTO)
Mine-clearing operations begin in Azerbaijan's liberated villages
Iran talks IAEA monitoring cameras at nuclear sites
Presidents of Russia, Azerbaijan hold phone conversation
Int'l organizations notified about Armenia's crimes against Azerbaijani civilians - Azerbaijan's prosecutor general
Criminal cases against Armenian terrorists who fought in Karabakh nearing completion - Prosecutor General of Azerbaijan
Uzbekistan eyes ratifying two more conventions of International Labor Organization
Uzbek mining and metallurgical complex exceeds export plan by half
Cargo movements in Iran’s Imam Khomeini port up
Iran reveals details of saffron exports
Various results achieved in Vienna every day – Iran’s MFA
Oil gains after cyberattack forces shutdown of U.S. fuel pipelines
Heydar Aliyev saved independent Azerbaijan from disappearing from political map - Russian expert
Iran, Saudi Arabia conduct both bilateral, regional talks – Iran's MFA
Registration of presidential candidates starts in Iran
Volume of loaded, unloaded cargo in Iranian ports grows
President Ilham Aliyev ends visit to Nakhchivan Autonomous Republic (PHOTO)
Uzbekistan notes significant increase in bank cash turnover in 4M2021
Uzbekneftegaz reveals indicators of oil and gas production and processing in 4M2021
Uzbekistan and France sign cooperation program
Uzbekistan Helicopters LLC opens tender for refueling vehicle
Political will of Heydar Aliyev bearing fruit - colonel general
Carbon price to rise, as governments pursue deeper decarbonisation strategies
Iran expects to increase vaccination
President Ilham Aliyev interviewed by Azerbaijan Television (PHOTO)
Death toll from COVID-19 exceeds 75,000 people
Number of confirmed coronavirus cases in Russia rises by 8,465 per day
President Ilham Aliyev views Ordubad railway station (PHOTO)
President Aliyev attends launch of project for reconstruction of drinking water supply, sewerage systems in Ordubad (PHOTO)
President Ilham Aliyev views construction of Ordubad Hydroelectric Power Plant (PHOTO)
ERIELL to work on wells at field in Uzbekistan’s Karakalpakstan
First Vice President of Azerbaijan shares publication on occasion of 98th anniversary of birth of National Leader Heydar Aliyev
President Ilham Aliyev attends inauguration of Julfa-Ordubad highway (PHOTO)
Uzbekistan’s 1Q2021 tomatoes export revealed
Turkey sees increase in cement exports to Azerbaijan
Kazakhstan-Israel trade plummets y-o-y
Uzbekistan to connect number of small industrial zones to utility networks
Weekly review of Azerbaijani currency market
ACG oil transshipment from Ceyhan terminal exceeds 70 mb YTD
EBRD, EIB, Proparco to fund construction of solar power plant in Uzbekistan’s Samarkand
President Ilham Aliyev attends opening of Artificial Insemination Center in Nakhchivan (PHOTO)
Azerbaijan creating 'green' energy zone in liberated Karabakh
President Ilham Aliyev attends opening of Nakhchivan Garrison Central Hospital (PHOTO)
President Ilham Aliyev attended inauguration of Nakhchivan branch of “Azerkhalcha” OJSC (PHOTO)
Weekly review of Azerbaijani oil market
Bank of Israel cuts government bond purchases
President Ilham Aliyev viewed construction of “ASAN xidmət” Center in Nakhchivan (PHOTO)
Turkey's 4M2021 steel exports to Turkmenistan shrink
Armenian Parliament to reconsider issue of electing new prime minister
Iran increases sturgeon farming
World's largest cargo plane with UK Covid aid takes off for India
President Ilham Aliyev visits statue of national leader Heydar Aliyev in Nakhchivan (PHOTO)
India to recruit 400 retired medical officers of AMC, SSC; Defence Ministry issues orders
Iran eyes to expand ties Turkmenistan
Azerbaijani president visits graves of martyrs of Patriotic War at Nakhchivan city cemetery (PHOTO)
Indian-Led Ground-Breaking Cancer Test Hopes To Launch This Year
President Aliyev attends opening of military aerodrome of Special Combined Arms Army (PHOTO)
Iran to renovate public transport fleet
Iranian water and electricity companies to enter EAEU market
Artists of Int'l Arts Festival create 'Kharybulbul' model in Azerbaijan's liberated lands (PHOTO)
Indian and Indonesian navies carry out military drill in southern Arabian Sea
President Aliyev attends presentation of new runway at Nakhchivan International Airport (PHOTO)
Iran continues investments for dev't of postal network
Iran, Serbia to expand ties by preferential trade agreement
Iran to inaugurate new national housing units
Iran's NIGTC announces tender for intelligent pipes
Iran to return to its full oil production capacity by early 2023, says JP Morgan
India, EU hold virtual summit to boost overall ties
Stand Firmly With India In This Challenging Time: European Commission Chief
JP Morgan expects global oil demand to surge over summer
President Ilham Aliyev arrives in Nakhchivan Autonomous Republic for visit (PHOTO)
UK PM Johnson to announce next phase of COVID lockdown easing
Over 170 million Covid-19 vaccine doses administered so far, says Indian government
All news