IRAN
IOOC Taps NDF To Finance Upstream Projects
The Iranian Offshore Oil Company (IOOC) is tapping into the National Development Fund (NDF) to secure financing for its upstream projects. NDF is to provide IOOC with $1.5bn through to August 2013 to help it boost production by 175,000 b/d, IOOC Managing Director, Mahmoud Zirakchianzadeh, told the Shana news agency. NEF is a special account dedicated to energy projects into which 37.5% of Iran’s annual oil revenues are...
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