Iran’s NDF allocates $7b to upstream oil projects

TEHRAN,July 10 (MNA) – The Ministry of Energy of Iran will issue bonds, worth 50 trillion rials (about $1.6 billion) to raise financing for funding development projects. The power sector faces a 90-trillion- rial (about $2.9 billion) budget deficit, the Shana news agency quoted Majlis Energy Committee spokesman Hossein Amiri Khamkani as saying on Wednesday. According to official statistics, Iran’s power generation capacity has grown by 7 percent annually during the past 10 years, and is currently at 68.38 gigawatts. Iran currently trades power with Turkey, Armenia, Turkmenistan, Azerbaijan (including Nakhchivan Autonomous Republic), Pakistan, Afghanistan, Syria, and Iraq. The country seeks to become a major regional exporter of electricity and has attracted more than $1.1 billion in investments for the construction of three new power plants.