Iranian government’s $52B debt to national oil company due March 20

Business Materials 29 May 2016 13:37 (UTC +04:00)

Tehran, Iran, May 29

By Mehdi Sepahvand - Trend:

The Iranian government has to pay a debt of $52 billion to the National Iranian Oil Company by the end of the current Iranian fiscal year (March 20).

The debt has to be paid from the government's surplus revenues, according to Ali Kardar, deputy director of the company for investment and monetary procurement, SHANA news agency reported May 29.

Of that amount, about $40 billion is owed by the Central Bank of Iran and the rest by other trade banks, he noted.

The debts were piled during the years 2008 to 2012. The repayment will be done from surplus oil and gas export revenues after the National Development Fund's share has been withdrawn.

The government has to provide a six-monthly report to the cabinet and the Parliament of the progress of the settlement of the debt.