Iran oil development fund could reach $55 billion: President

Discussion in 'Economics' started by World of Oil, Apr 8, 2012.

  1. Iran's President Mahmoud Ahmadinejad said on Saturday the country's sovereign wealth fund could reach $55 billion by March next year if oil prices kept high, in an apparent bid to defend his economic record in the face of increasing isolation.
    Washington and the European Union have stepped up sanctions on the Islamic Republic, alarmed by its disputed nuclear programme.

    Iran earned up to $100 billion in oil revenue last year but an EU embargo set to come into force in July could put a major dent in future income.

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