(MENAFN) Iran's Oil Minister, Rostam Qasemi, stated that following an agreement inked between the ministry and the National Development Fund (NDF) earlier this month, the NDF has allocated USD5 billion for the development of the South Pars gas field, reported Tehran Times.
Under the terms of the deal, USD14 billion of the NDF assets will be allotted to oil industry projects.
The minister said that the USD5 billion will be used to speed up the development of phases 20-24 of the South Pars gas field project.
It is worth noting that at least 20 percent of the NDF's credits will be used to encourage foreign investment, according to Iranian Finance and Economic Affairs Minister, Shamseddin Hosseini.
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