BAKU, Azerbaijan, August 12. The National Development Fund of Iran (NDFI) has provided loans across various sectors totaling nearly $36.3 billion over the past years, the NDFI's Deputy Executive Director Reza Mohammadi told reporters, Trend reports.
According to him, the fund has allocated about $23.1 billion to the oil, gas, and petrochemical sectors, approximately $6.75 billion to industry (steel, construction, food, and services), and around $4.62 billion in loans for power plants.
Mohammadi added that the fund provided $583 million for water transportation, $1.1 billion for transportation (ships, aircraft, and railways), $120 million for pharmaceuticals, and $15 million for tourism.
Iran's budget bill for last Iranian year (March 21, 2023 through March 19, 2024), envisaged the daily sale of 1.4 million barrels of crude oil at an average price of $85 per barrel. The budget envisaged payment of 42 percent of the revenues from Iran's crude oil sales to the NDFI.
Iran currently has 74 oil fields and 22 gas fields. There are 37 fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Central Oil Zones Company of Iran, five in the territory of Arvand Oil and Gas Production Company, and 18 in the territory of Offshore Oil Company. In addition, a total of five gas fields are operating in the territory of the National Company of South Oil Zones of Iran, 13 in the territory of the Central Oil Zones Company, one in the territory of Pars Oil and Gas Company, and three in the territory of Offshore Oil Company.
Moreover, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran has the potential to strike oil and extract a whopping 340 billion barrels with their current technological equipment. However, only about 30 percent of this precious resource can actually be put to good use, leaving a whopping 70 percent untapped and hidden underground.
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