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Seifollah Jashnsaz said the formation of the fund, which has been welcomed warmly by officials, is awaiting a decision by the Economic Commission of the Government, according to Shana.
He said the idea of setting up a bank for the oil industry was not welcomed by economic officials, particularly Central Bank of Iran officials.
Referring to the benefits of opening a fund for the oil industry, Jashnsaz said some oil revenues which are due to be deposited in foreign banks will be given to the Oil Development Fund for financing oil projects.
He said some Oil Ministry’s projects will become operational sooner than scheduled if the fund is set up.
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