Baku, Azerbaijan, Oct. 15
By Fatih Karimov – Trend:
The annual budget of the Iranian Gas Engineering and Development Company faced a sharp decrease following the fall of oil price in global markets.
The company’s budget for current fiscal year (started March 20) was set at 57.8 trillion rials(1$=31,640 rials on Oct. 15), Mohammad Reza Hadi, an official with the company said, SHANA news agency reported Oct. 15.
The figure stood at 49 trillion in the fiscal year to March 2016, he added.
Meanwhile the company’s budget for current year, registered a sharp fall in comparison to the fiscal year ended March 2015, which was 102 trillion rials, Hadi said.
The budget for former fiscal years totaled 47 trillion, 55 trillion and 32 trillion rials, respectively, added the official.
Gas Engineering and Development Co. is a subsidiary of the National Iranian Gas Company, which has been established in line with the system to implement oil industry plans. It is in charge of all studies, including economic, technical and feasibility, for all projects ordered by the National Iranian Gas Company.