Iran’s sovereign wealth fund’s balance at $30bn

Mehdi Ghazanfari, who serves as board chairman at the National Development Fund of Iran (NDFI), said on Tuesday that the fund has committed to $30 billion worth of investment in energy projects in Iran, which he said will be financed through the NDFI’s accessible resources.

Ghazanfari, who was speaking in a press conference along with other NDFI board members, did not elaborate on the total value of assets controlled by the fund.

The NDFI is independent of the Iranian government's budget and is responsible for transforming nearly a third of Iran’s petroleum export revenues into productive investments for future generations.

However, tapping the fund for emergency needs requires the approval of the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei.

Ghazanfari said in late July that the Leader had given his approval for using NDFI resources for investment in petroleum and electricity projects as part of a decree issued in late June.

He said on Tuesday that the fund was examining Oil Ministry plans worth $13-14 billion for increasing production at several oil and gas fields in the south of Iran.

The official said the NDFI would start to finance petroleum projects in Iran after it receives guarantees that they are profitable.

NDFI’s increasing presence in energy projects in Iran comes as the country is effectively barred from accessing foreign investment because of US sanctions.

The fund said last month that it would provide the finances needed for a rapid action plan to increase Iran’s oil production by 0.25 million barrels per day./isna