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Iran's surplus oil revenue to hit over 20 billion dollars by year-end

Tehran, Oct 25, IRNA -- Iran's surplus oil revenue will hit over 20 billion dollars by the end of current Iranian calendar year (March 20, 2005) due to the recent hikes in oil prices.

The Persian-language daily 'Siasat-e Rouz' on Monday quoted Head of Majlis Energy Commission Kamal Daneshyar as saying surplus oil revenue is expected to receive a great boost since oil price has been predicted at 19 dollars per barrel in the Third Development Plan.

"The volume of Iran's surplus oil revenue reached 10 billion dollars during the first six months of current year, the figure which is predicted to hit 20 billion dollars by the end of this year. It will be injected to Forex Reserve Fund," he said.

The MP noted that the credit can play an effective role in the country's economic growth if it is managed properly. It should be allocated to establish necessary infrastructure for economic development.

Daneshyar said agriculture, industry and expansion of services are top priorities for using this credit.

"It is expected that the total projected revenue for oil export in Iran's budget for the current year would be materialized by December due to increasing oil prices during recent months. The surplus revenue after that date will be added to the Forex Reserve Fund.

Total revenues from oil export have been estimated to reach 16.1 billion dollars this year.

... Payvand News - 10/25/04 ... --

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