Azerbaijan, Baku, Jul.8/ Trend F.Milad/
Iran's budget act for the current calendar year, which began on March 20, has envisaged allocating 25 percent of the surplus income of oil exports to the oil ministry, the Shana News Agency quoted the deputy oil minister as saying.
"According to the law, 14.5 percent of oil income will also be allocated to the oil ministry," Mohsen Khojasteh said to Mehr agency.
Some $500 million of the surplus income will be paid to the National Iranian Gas Company, he noted.
Iran's state budget for the current year approved by parliament is 5.66 quadrillion rials (about $461 billion), or 9.5 percent more than last year (5.17 quadrillion rials).
The parliament has also approved $85 oil price in drafting the current year's budget bill. The previous year's budget bill has been prepared based on $81.5 oil price.
On July 1, the governor of Iran's Central Bank said that Tehran will fight the West's economic sanctions by utilizing the country's $150 billion in foreign exchange reserves.
Mahmoud Bahmani said although the West has banned financial transactions with the Central Bank of Iran (CBI), the CBI has prepared plans to deal with the sanctions.
"We are implementing programs to counter sanctions and we will confront these malicious policies," he told reporters as the European Union's oil embargo against Iran took effect on July 1.
He said the foreign reserves would provide Iran with the liquidity to pay for its imports.
Iran gains 100 billion dollars from oil exports and 40-50 billion dollars from non-oil commodities, he explained.
"Oil revenues in the worst situation meet all Iran's needs to 70 billion dollar imports," the central banker said.
However, he said the country should reduce the import of non-essential goods.
Bahmani also said Iran will not remain "passive" in the face of new EU embargo on the country's oil sector.