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 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 |  Latest news Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year  German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year.Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan.Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan.Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. |
