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Iran's oil revenues to hit $35B by year-end

Tehran, Nov 9, IRNA -- Iran's oil revenues will reach over 35 billion dollars by the end of the current Iranian calendar year of 1383 (March 20, 2005) due to the upward trend of oil prices during the past 18 months.

The Persian-language daily 'Mardomsalari' on Tuesday quoted a member of the Majlis Energy Commission Farshid Simbor as saying that based on figures suggested by the Central Bank of Iran (CBI) and some oil experts, the oil price has been doubled compared to the previous year.

"The maximum oil revenues were estimated at 16.5 billion dollars in the country's yearly budget plan but the figures have been increased two times," he said.

He added that a maximum of 2-3 billion dollars of oil revenues has been planned to be used in modernizing machineries of producing and industrial companies, particularly in auto sectors.

The MP noted that the government will compensate the country's 40,000 billion rial (4.6 billion dollars) budget deficit from the oil revenues this year.

"It is not reasonable to expect oil price hike improve the living standard soon because the government cannot inject the revenues immediately fearing that it will increase the inflation rate," he stated.

"If the oil revenue is spent for import of goods, it will damage the improvement of production units."

Simbor added that Iran's financial help for reconstruction of Iraq and Afghanistan was among other related measures adopted by the government with political aims.

... Payvand News - 11/9/04 ... --

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