Iran says 23% less dependent on oil revenue

Business Materials 4 July 2015 09:53 (UTC +04:00)

Tehran, Iran, July 3

By Mehdi Sepahvand - Trend:

An Islamic Republic official says Iran has grown 23 percent less dependent on oil revenues in its national budget.

Mohammad Baqer Nobakht, government spokesman and director of the Management and Planning Organization made the announcement in a press conference, Fars news agency reported July 3.

He further said that the Iranian Ministry of Petroleum has increased its export by 23.5 percent.

Also, six South Pars refinery units and three production platforms were made operational, he said.

Nonetheless, Nobakht stated, four rows of South Pars phases 15 and 16 and an offshore rig went on stream.

The official said the production of gas condensates in Iran has reached 466 thousand barrels per day.

Also, Persian Gulf Star refinery output has hit 360 thousand barrels, he stated.

Iran's petroleum export revenues was $114 billion in 2011, but plunged to $53.652 billion last year due to sanctions, according to OPEC's annual report.

After the second half of 2014, oil prices decreased dramatically. The OPEC oil basket price has decreased from $108 in last may to above $45 in late 2014 and currently is sold below $60.

Iran's fiscal year starts on March 21.

Edited by CN