Hamid Bovard, speaking in a live televised interview during the midday news, emphasized that the fund was unveiled at the "Transformation in Investment and Development in Iran’s Upstream Oil and Gas" event.

He said the fund is responsible for ensuring the execution of upstream projects and providing currency guarantees when needed.

Bovard, who also serves as deputy oil minister, noted that the fund was established with the participation of the National Iranian Oil Company, banks including Mellat Bank, Tejarat Bank, and Bank Shahr, as well as exploration and production companies. Due to its shareholder structure—which includes banks, production companies, and the National Iranian Oil Company—the fund guarantees the implementation of these projects.

He added that while the fund’s initial capital is €300 million, it will be able to secure necessary guarantees worth billions of euros for upstream projects.

At the "Transformation in Investment and Development" event, the National Iranian Oil Company introduced over 200 opportunities to large, medium, and small investors under various contractual frameworks.