Baku, Azerbaijan, Sept. 28
By Fatih Karimov - Trend:
The Energy Ministry of Iran owes $7.2 billion to contractors.
Iran's Vice President Majid Ansari said the figure is tantamount to half of the country's total development budget, Fars news agency reported Sept. 28.
He added that the administration and the banking system are facing huge debts, while the country earned around $800 billion in oil revenues over the past eight years.
Iranian Energy Minister Hamid Chitchian said Aug. 15 that his ministry needs over $48 billion to complete semi-finished development projects.
Some $48 billion are needed to complete 850 projects that are underway, according to Iranian IRNA news agency.
Iran's Deputy Energy Minister Alireza Daemi said Aug. 3 that the ministry sold 10 trillion rials in bonds to contractors to compensate for the debt.