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The National Iranian Oil Company’s bank accounts have been frozen by a state-owned lender over mounting debt, the semi-official Fars news agency reported on Wednesday, underscoring the strain being felt by the country’s most important source of revenue.
The Bank of Industry and Mine did not provide details on the amount owed or the accounts affected, according to Fars, which added that the move came despite provisions in Iran’s budget law that deferred repayment of certain NIOC debts until the end of the Iranian calendar year in March 2027.
Separately, the head of the National Development Fund (NDF) said NIOC would not be able to repay the fund a nearly $17 billion debt using proceeds from the Azadegan oilfield, one of the country’s largest, as its development has been slowed by bureaucratic delays and administrative obstacles.
