3 July 2012, 13:01

Iran's stabilization fund to minimize oil embargo effects

Iran's stabilization fund to minimize oil embargo effects

Iran has set up a 14 billion dollar stabilization fund to minimize the EU oil embargo effects.

The fund will be specifically used to update oil production facilities.

Iran’s Oil Minister, Rostam Qassemi, has said that the embargo will in no way affect the national economy and will only prove detrimental to western countries.

According to him, Iran will sell oil to other consumers.

Last week, the European Union reaffirmed the earlier made decision on slapping an embargo on Iranian oil imports as of July 1st. 

RIA

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