Leader authorizes NDF support for oil output emergency plan, solar plant construction
The National Development Fund (NDF) announced its readiness to support the emergency plan for a daily increase of 250,000 barrels of oil production, following a permission issued by Leader of Iran’s Islamic Revolution Ayatollah Seyyed Ali Khamenei.
After the Supreme Council of Economy's resolution in November, the permission has recently been granted by the Leader to the fund to invest its resources in the energy sector, Tasnim reported.
Based on the NDF's correspondence, an investment ceiling of three billion dollars has been set for this sector.
Following the Supreme Council of Economy's resolution and the request for permission from the Leader, an 80% share for this fund in implementing the emergency plan for a 250,000 barrel per day increase in crude oil production was issued.
In light of the approval of the emergency plan for a 250,000 barrel per day oil increase, the NDF has announced its readiness to enter this plan, IRNA reported.
Mehdi Ghazanfari, the chairman of the NDF's Board of Executives, during a board meeting on Tuesday, expressed special gratitude to the Leader of the Islamic Revolution for his trust.
Ghazanfari, calling the permission significant and historic, said, “Based on this permission, the fund was authorized to invest in the energy sector, including oil, gas, and electricity.” He added that, "This authorization not only upgraded the Fund's statute but also brought the Fund closer to its true role and position."
"Accordingly, it was decided that the National Development Fund would invest in the 'Emergency Plan for a 250,000 Barrel per Day Increase in Crude Oil Production' and the 'Plan for Constructing 7,000 Megawatts of Solar Power Plants,'” he said, adding that based on the permission, “many more projects in this sector will be approved from now on."
The chairman of the National Development Fund's Board of Executives characterized the Leader's authorization as a kind of "conditional investment," saying, "The text of the contracts must be prepared as soon as possible, with special attention to the conditions stipulated in the Leader's authorization."
Describing the conditional investment, Ghazanfari stated, "In exchange for this authorization, four important conditions have been stipulated. First: The investment project must have economic justification. Second: The Fund's resources and sufficient profit must be returned. Third: The Fund must not seek direct involvement in the management of the investment project. And fourth: The general framework of each project must be approved by the Supreme Council of Economy."