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Iran's oil earnings forecast at 60 billion dollars

Tehran, Nov 24, IRNA - Iran's oil revenues are expected to reach 60 billion dollars this year, Oil Minister Gholam-Hossein Nozari on Saturday.

He made the remark at his first press conference after winning vote of confidence from the parliament on November 14.

The minister noted that the government is not allowed to spend even a single penny of the earnings without authorization from the Majlis.

"The government spends the revenues within the framework of Budget Law for the fiscal year 2007-2008 and the rest is deposited in Oil Stabilization Fund," he said.

Ministers of member-states of the Organization of Petroleum Exporting Countries discussed a variety of topics such as development and the environment before the summit, he said while referring to the outcome of the Third OPEC summit.

Riyadh hosted the summit on November 17-18 under three general themes: Providing Petroleum, Promoting Prosperity, and Protecting the Planet.

He referred to the signing of an agreement on gas export to Bahrain as among the achievements of the president's visit to that country.

Nozari said Iran also welcomed Bahrain's participation in the development of one of its gas fields.

On offering gasoline at free market price, the minister stated that the final decision on the issue will be taken by the Majlis.

He, however, opined that if the parliamentarians give the green light for gasoline to be offered at free market price as well, this would have an inflationary impact on the economy.

As per the Budget Law, the parliament has obliged the government to implement a gasoline rationing plan via smart card as well as offering petrol at free market price.

Despite implementation of rationing plan in late June, the Ahmadinejad administration has so far refused to execute the second part of the Majlis decision due to its adverse inflationary impacts.

... Payvand News - 11/25/07 ... --

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