Baku, Azerbaijan, September 13
By Khalid Kazimov -- Trend:
The Iranian government has estimated that the country's oil revenue for the next Iranian fiscal year (to start March 21) will hit $22.7 billion, government spokesman and Head of the Management and Planning Organization Mohammad Baqer Nobakht said.
"We have predicted three scenarios for oil prices of 42, 45, and 50 dollars per barrel," he said, IRIB news agency reported September 12.
As the world's leading owner of hydrocarbon reserves, the Iranian government relies heavily on oil revenues to keep the country running.
He pointed out that the government's next-year construction budget is set at $12.7 billion.
"But the sanctions are still in place and we expect them to be lifted toward the end of this year. We have comprehensive plans for the post-sanctions era in terms of opening currency sources as well as drawing foreign investment," he said.
He said if the sanctions are lifted, the government's share of the resources to be freed is $6 billion.
The sanctions are to be lifted according to a comprehensive deal between Tehran and the group P5+1 (the US, UK, France, Russia, China, and Germany) reached on July 14.
There is also $23 billion which is part of the Central Bank of Iran's reserves and is considered part of the currency assets, Nobakht said, adding the whole amount will reach some $100 billion.
The ceiling for the next year's budget will be put at $71 billion, which will cover running expenses, construction budget, and ownership of capital assets for bonds, and one should add to that special revenues and provincial resources, he underlined.