Iran to increase electricity export to $30 b

Oil&Gas Materials 23 July 2011 22:44 (UTC +04:00)

Iran Azerbaijan, Baku, July 23 /Trend/

Iran has the capacity to increase electricity export to neighboring countries to $30 billion during 10 years, IRNA quoted the head of the Electrical Industry Syndicate Mohammad Parsa as saying.

"Currently Iran can export $5 billion electricity annually by reducing consumption," he said.

Iran's power industry annually has $25 billion turnover, he added.

Currently Iran's Energy Ministry has $8 billion debts, of which $5 billion belongs to contractors; however he expressed hope that removing subsidies for energy products will resolve this problem.

Iran cut subsidies in December 2010. According to general budget, the government will earn $49 billion (540,000 billion rials) from increasing the prices of commodities and energy products by removing subsidies this current solar year (started on 21 March, 2011). Iranian government transfers $39 (455,000 rials) to each citizen's bank account as compensation for removing subsidies. Iran's population reached 75 million in the end of 2010 and 72 million citizens receive these payments.