Iran assigns $14bln to fight EU oil sanctionsJuly 2, 2012 - 19:39 AMT PanARMENIAN.Net - Iran allocated a $14 billion fund for the development of the country's oil sector a day after the European Union implemented an embargo on Iranian crude exports. According to Fars News Agency, the agreement to allocate the fund was signed by Managing Director of Iran's National Development Fund Mohammad Reza Farzin and Iranian Oil Minister Rostam Qassemi on Monday, July 2. Addressing the ceremony, Farzin said that the money will be spent for promotion of the petrochemical industry, development and completion of refineries, development of downstream oil industries, development of phase 20-25 of South Pars oil and gas field and the development of the upstream sector of the oil industries. "The $14bln fund can create a remarkable momentum in the oil industry and indicates that despite sanctions there is no problem in the trend of the country's development and production in the oil sector," Farzin underscored. The move came one day after the EU enforced an oil embargo on Iranian crude supplies. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |