Cartoon of the Day: Nikahang Kowsar's President Ahmadinejad cries out, "We sell smuggled oil"
Iran has strongly denounced the detention of a prominent Shia cleric and the brutal crackdown of anti-regime protesters in Saudi Arabia’s Eastern Province, which has been a major scene of protests over the past months.
1954 GMT: Oil Watch. Minister of Oil Rostam Qassemi has said that $5 billion of the National Development Fund has been allocated to the South Pars gas field development projects, accelerating Phases 20-24 of the project.
On 2 July, the NDF and the Ministry of Oil signed a deal for the Fund to earmark $14 billion of its assets to oil industry projects.
More than 70% will be spent on the development of oil and gas fields as well as expanding the upstream sector of the oil industry, Qassemi said, with the rest channeled into refining infrastructure.
President Ahmadinejad has claimed the NDF's assets will reach $55 billion by the end of this year. Iran transfers 20% of its oil revenues to the Fund.