IRAN

 

Iran Sets Aside $14Bn For Oil And Gas Development As New Sanctions Bite

Iran has earmarked a total of $14bn from the National Development Fund (NDF) for the National Iranian Oil Company (NIOC) and its subsidiaries for the development of the country’s oil and gas sector. The announcement was made only one day after the European Union (EU) embargo on Iran’s oil exports took effect on 1 July. The ban by the 27-member EU on the import of Iranian...