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Iran to allocate 20% of oil revenues to National Development Fund

Business Materials 1 February 2016 17:25 (UTC +04:00)

Baku, Azerbaijan, Feb. 1

By Fatih Karimov - Trend:

Iran plans to allocate only 20 percent of the country's oil and gas revenues to the National Development Fund (NDF) for the second straight year.

The Iranian parliament's energy commission approved not to increase the share of the NDF from the oil incomes in the next fiscal year (to start March 2016), Iran's official IRNA news agency reported Feb. 1.

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

The mentioned 20 percent of Iran's total oil income is to be transferred to the National Development Fund and the percentage will be increasing three percent annually until the end of the country's fifth development plan, according to Iranian laws.

In the current fiscal year (started March 2015) year, Iran's government also refused to increase the 20-percent share.

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