| Iran will withdraw up to $4.8 billion from its sovereign wealth fund to spend on developing its oil and gas fields next fiscal year under a proposal approved by parliament on Tuesday. The decision to dip into the National Development Fund underlines the heavy financial pressure which Iran faces from low oil prices and international economic sanctions over its disputed nuclear program.
The hard currency allocation, which will supplement other budgetary allocations for the sector, also shows the large sums which Iran needs to spend to modernize its ageing oil fields and crumbling energy infrastructure...............................................Full Article: Source
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