| Iran is to spend 18 percent of its stabilization fund for the development of the oil and gas sector, Petroleum Minister Rostam Qasemi said. "This year [2012-2013] we are planning to use $14 billion for the development of the oil and gas industry from the stabilization fund alone," he told RIA Novosti's Mikhail Gusev, his first interview with a foreign news agency.
Iranian oil exports have fallen by an estimated 40 percent since the EU introduced an oil embargo against Tehran in July. The National Development Fund [National Stabilization Fund] was established to protect the national economy and reduce Iran's dependence on oil, Qasemi said...........................................Full Article: Source
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