BAKU, Azerbaijan, April 16. Iran's National Development Fund has allocated $102 million to develop the 2nd phase of the Yaran field (Majnun in Iraq), a joint oil field between Iran and Iraq, the National Development Fund of Iran said, Trend reports.
According to the information, the mentioned funds constitute 45 percent of the total amount of funds for the development of the second phase of the Yaran oil field.
Additionally, the information notes that the funds for the development of the 2nd phase of the Yaran oil field were allocated based on the application of the Persian Oil and Gas Company for Industrial Development.
To note, the Iranian oil field of Yaran is divided into the northern and southern parts of the country. This field is located 120 km west of Ahvaz city in Khuzistan Province, located in the southwest of the country. The oil field has three reservoirs. It is noted that the field has a total of 1.6 billion barrels of crude oil.
The National Development Fund of Iran is financially involved in implementing major projects in the country.
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