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Iran expects $57 billion in annual oil revenues

Oil&Gas Materials 29 January 2012 14:19 (UTC +04:00)

Azerbaijan, Baku, Jan. 29 / Trend F.Milad/

Iran would earn up to $57 billion in oil revenues in the next Iranian calendar year, in case the oil price is considered $85 in the budget bill, the Fars news agency reported.

Accordingly, some $21 billion would be deposited to the National Development Fund to reach its assets to around $51 billion, the report added.

In November 2011, Finance and Economic Affairs Minister Shamseddin Hosseini said that the National Development Fund's reserves stand at $24.4 billion and at least 20 percent of this sum will be allocated to promoting foreign investment.

Iran's Oil Minister Rostam Qasemi announced in September 2011 that the country plans to increase oil output by one million barrels per day (bpd) within the next two years.

Iran's oil production is now more than 4 million bpd which will be increased to 6 million bpd by 2013, the Shana news agency quoted Qasemi as saying.

Iran has the world's second largest crude reserves after Saudi Arabia and the second largest gas reserves after Russia.

Qasemi said in August 2011 that the oil industry's infrastructure needs more than 500 trillion rials (about $50 billion) of investment to achieve Iran's 20-year economic perspective plan goals.

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