Jun 07 2010 |
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$16b Earmarked for Oil Industry
Iran has allocated over $16 billion from the National Energy Fund to 31 oil projects in the current year to end March 20, 2011.The Oil Ministry plans to spend $13.6 billion of the credit in oil projects and $2.4 billion in refinery projects, Mehr News Agency reported.
Iran established an energy fund in February backed by the Central Bank and other Iranian banks to help finance investments in the sector.
"The National Energy Fund, with the help of the resources of four local banks and the Central Bank, has been established to help finance major parts of the oil industry's activities," Oil Minister Masoud Mirkazemi was quoted as saying.
"By using domestic resources we would pave the way for the presence of local firms in oil and gas projects, but at the same time we won't block attracting foreign resources," he said.
"It is necessary to invest in the country's oil and gas development projects, particularly in joint fields with the neighboring states," said Mirkazemi.
Oil Demand
Iran's OPEC governor said on Saturday there was no need to change the crude output ceiling as demand for oil is not expected to increase by January 2011, Shana reported.
"Demand for oil will not increase in the current year ... An OPEC output increase will cause the price fall," said Mohammad-Ali Khatibi
OPEC has left its output ceiling unchanged for more than a year since announcing a record supply curb of 4.2 million barrels per day in December 2008 in response to the global economic downturn.
OPEC 's reference crude oil basket price rose further to $72.86 a barrel on Thursday from $71.15 the previous day, OPEC said on Friday.
Khatibi had previously stated that oil prices would not drop below $60 per barrel in 2010.
"Though oil prices are expected to decrease in the first half of the year because of seasonal demands but it would not go under $60 per barrel," he said.
"It is predicted that the crude oil market would gain ground in the second half of 2010," he added.
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