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April 18, 2008 / 8:10 PM

Iran pitches oil development bank

TEHRAN, April 18 (UPI) -- Iranian Oil Minister Gholamhossein Nozari wants to establish an oil bank that would help secure funding for oil-related projects, the Tehran Times reported.

Such a bank needs government approval.

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He said more investment is needed to meet the goals of Iran's Socio-Economic Development Plan. The nation's Budget Act is expected to provide the necessary financial resources for development of the upstream oil industries, but the downstream industries will still require additional financing.

By establishing an Oil Industry Development Bank, development plans in both the upstream and downstream oil sectors would be advanced, he said.

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Gholamhossein Nozari

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