Iran plans to spend $16bn from the National Energy Fund on 31 oil projects in the current calendar year to end March 20, 2011, Mehr news agency has reported. Of the total, $13.6bn will be dedicated to oil projects while $2.4bn will go to refinery projects, the ministry said. "By using domestic resources we would pave the way for the presence of local firms in oil and gas projects, but at the same time we won't block attracting foreign resources," oil minister, Masoud Mirkazemi was quoted as saying.