Mehdi Ghazanfari stated that, based on this approval, two priority projects in oil and renewable energy have been approved and will be implemented under four key conditions.

According to the NDF, Ghazanfari said during a board meeting that in mid-June, the Leader issued a historic authorization allowing the fund to invest in energy, including oil, gas, and electricity. He emphasized that this permission not only upgrades the fund’s charter but also aligns it with its true role and purpose.

Ghazanfari noted that, in addition to the president—who has shown special attention to this matter—the first vice president and the head of the Plan and Budget Organization have played a commendable role in achieving this goal.

He added that Mohammadreza Aref has consistently stressed the need to preserve and strengthen the fund’s position while safeguarding its resources. Additionally, a previously unattainable resolution from the Expediency Discernment Council was secured following the Supreme Leader’s approval.

Ghazanfari said that after obtaining this historic permission, multiple meetings were held to finalize the fund’s participation in two oil and electricity projects with relevant entities. During the July 13 Economic Council meeting, despite numerous agenda items, the fund’s investment proposals were prioritized due to their significance and were approved after discussion.

 NDF begins investments in oil, renewable energy 

Ghazanfari announced that, per the decision, the fund will invest in an emergency plan to increase crude oil production by 250,000 barrels per day and in the construction of 7,000 megawatts of solar power plants. He added that, with the Supreme Leader’s approval, more projects in this sector will be greenlit in the future.

He described the Leader’s authorization as a conditional investment, stressing that contracts must be drafted carefully to comply with the stipulated terms and signed promptly in the presence of the first vice president and the ministers of oil and energy.

Ghazanfari outlined the four key conditions of the approval:

1. Economic justification – The investment project must be economically viable.

2. Full repayment – The fund’s resources and profits must be fully returned.

3. No direct management – The fund must not engage in operational management of projects.

4. Economic Council approval – Each project’s general framework must be approved by the Economic Council.