Iran assigns $14bln to fight EU oil sanctions July 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 Azerbaijani authorities report that they have already resettled 3,000 people in the Nagorno-Karabakh town of Stepanakert. On June 10, Azerbaijani President of Azerbaijan Ilham Aliyev will leave for Turkey on a working visit. Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive.   Partner news |  Latest news Viva sees growing demand for cloud services  In recent years, medical institutions are starting to make use of Viva’s cloud servicesArmenian, German presidents meet in Berlin Armenian and German Presidents Vahagn Khachaturyan and Frank-Walter Steinmeier met in Berlin.Armenia assumes presidency of Mediterranean Network of Regulatory Authorities The Commission on Television and Radio of Armenia said it expects productive cooperation in various formats.Balance of attached cards in the Idram&IDBank app From now on, users will be able to view the online balances of cards issued by ArCa system banks and attached to the app. |
