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Iran’s stabilization fund to minimize oil embargo effects

Posted on 04 July 2012

Iran has set up a 14 billion dollar stabilization fund to minimize the EU oil embargo effects. The fund will be specifically used to update oil production facilities.
Iran’s Oil Minister, Rostam Qassemi, has said that the embargo will in no way affect the national economy and will only prove detrimental to western countries. According to him, Iran will sell oil to other consumers………………………………………..Full Article: Source


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