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Iran will withdraw up to $4.8 billion from its sovereign wealth fund to spend on developing its oil and gas fields next fiscal year under a proposal approved by parliament Tuesday.The hard currency allocation, which will supplement other budgetary allocations for the sector, also shows the large sums Iran needs to spend to modernize its aging oil fields and crumbling energy infrastructure.After the plunge in oil prices over the last several months cut its oil revenues, Iran slashed the oil price assumption in next fiscal year's budget to $40 a barrel from $72 .
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