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Despite Iran’s desperate finances, the oil ministry has received a shot in the arm.
Iran’s parliament has voted in favor of allocating $4.8bn from the country’s sovereign wealth fund (SWF) to the Ministry of Petroleum, for use in the development of key fields and projects slated to drive the country’s latest push to raise oil production capacity to beyond pre-sanctions levels, and gas output by more than a third.
But with Iran’s economy still reeling from the twin effects of international sanctions and the near 50% fall in world oil prices since June last year, fundamental questions still remain over whether it can actually afford such an outlay. (CONTINUED - 1079 WORDS)