Iran's national oil company gets $48 billion budget

Iran Materials 20 June 2012 14:09 (UTC +04:00)

Azerbaijan, Baku, June 20/Trend M. Moezzi

The National Iranian Oil Company's (NIOC) budget for the current Iranian year has been approved.

The NIOC's budget is $48 billion (USD) for this Iranian year which began on March 20, Shana news agency reports.

Deputy Oil Minister, Ahmad Ghalebani said that in addition to $5 billion in funds from domestic sources, the rest of the budget would come from financing, offering participation bonds in rials and dollars for oil and gas projects, the National Development Fund and deposits at the Central Bank.

The biggest portion of the NIOC's budget will go to the Pars Oil and Gas Company which is in charge of developing Iran's joint South Pars oil and gas field.

About $8.8 billion of the current year's budget has been allocated to the Iranian Offshore Oil Company (IOOC), making it the second biggest recipient of NIOC's funds.