NIOC’s 9-month expenditure over $7B

Business Materials 21 January 2017 18:03 (UTC +04:00)

Tehran, Iran, January 21

By Mehdi Sepahvand – Trend:

The National Iranian Oil Company (NIOC) spent over $7 billion in the past nine months, according to Abdollah Aghakhani, a senior official with the NIOC.

The expenditure consisted of $1.772 billion from the NIOC’s internal resources and $5.669 billion from outside resources, the official said, the public relations office of the Oil Engineering and Development Company reported January 21.

He noted that the NIOC had passed worth $3.511 billion expenditure from internal resources and $15.706 billion from outside resources for the current Iranian fiscal year, which will end March 20.

Aghakhani further underlined that the NIOC has prioritized development of joint oil and gas fields, especially the South Pars, where a great amount of money is being spent.