Jul 9, 2014, 1:45 PM
News Code: 2720776
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Iran to tap NDF to finance petchem projects

Tehran, July 9, IRNA - Iran is to withdraw $2b from the National Development Fund (NDF) to finance refining and petrochemical projects, said the NDF director.

Safdar Hosseini said the sum will be allocated in the current Iranian year (ending March 2015).

“Investment in this sector has relative advantage due to the exports aspects of petrochemicals,” SHANA quoted Hosseini as saying on Wednesday.

Hosseini said the NDF’s balance stands at $40b, adding that a sum of $2.8b is earmarked for the industry and agricultural sectors.

He said $200m will be allocated to the Office of the Vice-President for Science and Technology and $7b to the upstream oil sector.

Hosseini said $2b is also expected to go to the steel production industry, $1b for airplane and wagon purchase and $1b for the development of the Shahid Rajaei and Chabahar ports.