TEHRAN - The head of Iran’s National Development Fund (NDF) said the fund is going to invest $35 billion in the oil industry within the next five years, IRNA reported on Monday.

“The fund has a serious plan to inject liquidity in the oil industry, according to which, in order to realize the plan to increase the country’s oil production by one million barrels per day, a total of 35 billion dollars will be invested in five years, and nearly 22 billion dollars of the mentioned figure will be allocated in the next two years,” Mehdi Ghazanfari said.

The official noted that the National Development Fund has recently designed an investment statement, according to which 60-70 percent of its resources will be invested in oil, gas, and petrochemicals sectors; It also invests 20 percent of the capital in the field of mining, i.e. mineral chains and basic metals.

According to Ghazanfari, NDF is also going to invest 25 trillion rials (about $500 million) in new technologies including Artificial Intelligence (AI).

EF/MA