17.11.2014 - Iran to draw on sovereign fund to withstand oil price slide
Iran will draw on its sovereign wealth fund to cope with damage to its economy from plunging global oil prices, Iranian Oil Minister Bijan Zanganeh was quoted by the ministry's news agency Shana as saying. "By drawing upon its National Development Fund to reimburse contractors active in upstream projects, Iran will make up for the impact of the oil revenue decline on these projects," Zanganeh said, according to a Shana report on Saturday. Iran's National Development Fund is worth about $62 billion, according to the Sovereign Wealth Fund Institute, which tracks the industry. Some of its assets may be frozen by international sanctions imposed over Iran's disputed nuclear programme........................................Full Article: Source
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