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Iran oil company to be funded by banks

Iran Materials 16 January 2012 18:12 (UTC +04:00)

Azerbaijan, Baku, Jan. 16 Trend M. Moezzi

The Iranian Central Oil Fields Company (IOFC) will have $893 million in credit with domestic banks, Shana news reported its director as saying.

The loans are the result of the IOFC's seeking funding outside the National Iranian Oil Company (NIOC), Mehdi Fakour, the IOFC director, said. The company is the first NIOC subsidiary to use bank loans for its operating capital.

As proof that sanctions against Iran are useless, the IOFC director said his company had imported 22 turbo-compressors needed for operations although the it is on the list of Iranian organizations subject to sanctions.

Iran and Iraq will form a joint corporation to develop three shared oil fields.

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