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Iranian Oil Ministry wants greater share of oil revenues

Iran Materials 3 December 2012 10:33 (UTC +04:00)

Azerbaijan, Baku, Dec.2/ Trend G.Mehdi/

Iranian Oil Ministry has put in a request for receiving a greater share of oil revenues as the oil industry faces shortage of funds, the Fars News Agency reported.

For the development of (oil and gas) fields, which use financial aids of high interests, 25 percent of revenues are requested to be allocated to the Oil Ministry.

The current year's budget bill has envisaged allocating 14.5 percent of oil revenues to the Oil Ministry.

For gas fields, 75 percent of incomes earned through selling gas condensates are requested to be deposited into the oil Ministry's account.

Iran's oil revenues during Iranian calendar year 1390, which ended on March 19, 2012, amounted to $118 billion, according to official statistics.

And the Islamic Republic's oil revenues during the first quarter of the current Iranian calendar year (March 20-June 20) amounted to $19.8 billion, the Fars News Agency reported, citing official statistics.

Exports of natural gas and oil products stood at $1.1 billion during the 3-month period, showing a 101 percent rise compared to the figure for the corresponding period in the previous year.

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