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Iran reveals amount of money to be allocated to National Development Fund from oil sales

Finance Materials 22 February 2021 09:43
Iran reveals amount of money to be allocated to National Development Fund from oil sales

BAKU, Azerbaijan, Feb. 22

By Elnur Baghishov – Trend:

The Iranian parliament has decided to pay 20 percent of revenues from the daily export of 1 million barrels of crude oil and gas condensate to the National Development Fund of Iran, Trend reports.

The decision was made today (February 21) in a meeting of the Iranian parliament to research next year's budget revenues (from March 21, 2021, through March 20, 2022).

According to the decision, while Iran exports more than 1 million tons of crude oil and gas condensate daily, 38 percent of the additional sales will be paid to the National Development Fund of Iran.

“About 14.5 percent of Iran's revenues from the export crude oil and gas condensate must be paid to the National Iranian Oil Company (NIOC) and 14.5 percent from natural gas export - to the National Iranian Gas Company (NIGC),” the decision said.

In addition, the export earnings must be paid monthly and finalized in the 11th month, the decision said.

The Iranian parliament adopted the budget project for next Iranian year submitted by the Iranian government on February 16.

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