Iran to Use Share of National Development Fund for Upstream Sector

Iran is looking to allocate a portion of National Development Fund (NDF) towards investment in upstream sector.

According to Shana News Agency, a parliamentary ad hoc committee studying Iran’s next year budget bill decided Sunday to allocate 18 percent of National Development Fund (NDF)’s resources to investment in the upstream oil and gas industries.

The committee also stressed the need for working out strategies to reduce crude oil selling and raising export of oil products instead, Shana said.

Potential investors providing 50 percent of their planned investment will be compensated by NDF for the rest, the news agency added.

NDF is set to generate revenues from oil, gas and condensate exports while providing investment for oil and gas projects so that Iran will maintain its future hydrocarbon share, Shana added.

Sign-up for our free weekly newsletter update via email here