Iran oil ministry requires more share from revenues - Energy...| MENAFN.COM

Friday, 07 October 2022 12:18 GMT

Iran oil ministry requires more share from revenues - Energy Commission

(MENAFN- Trend News Agency)

TEHRAN, Iran, Nov.10


Iran oil ministry requires more share from oil export revenues to pay for its costs and invest in projects, the head of parliament's energy commission told Trend in an interview.

The oil ministry's 14.5 percent budget share from oil revenue is used for the costs such as salaries preserving reservoirs and production expenses so the figure would not be enough for the ministry's investment needs, Abdulali Rahimi Mozafari noted.

Although on the other side this figure is practical when the entire predicted budget for oil export would be achieved.

The oil ministry has stated it would provide transparent documents about oil export volume to clarify the cost.

The ministry has demanded a considering figure for research and preserving oil reservoirs that are depreciating.

The high costs of preserving and resuming oil wells to the production cycle are an issue for the oil ministry. The oil ministry does not have the capacity to pay its debts to the National Development Fund and promote development projects at the same time.

The oil minister has indicated during his meeting with the parliamentary commission that part of debts will be paid to the fund and the recent increase of oil export will hasten the process.


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