General view of part of Tehran's oil refinery south of the capital Tehran, Iran, Monday, Dec. 22, 2014. (AP Photo/Vahid Salemi)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
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 on Tuesday.The hard currency allocation, which will supplement other budgetary allocations for the sector, also shows the large sums which 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 .
FOLLOW THIS ARTICLE