Wednesday, October 13, 2004

Iran's oil surplus revenue hits $10b - MP

IranMania News: "Iran's oil surplus revenue hits $10b - MP

Wednesday, October 13, 2004 - ©2004 IranMania.com

LONDON, Oct 13 (IranMania) - Iran earned $10 bln more than what was predicted in the Third Development Plan during the first half of current Iranian year (started March 20, 2004) as oil prices soar in international markets, Head of Majlis Energy Commission Kamal Daneshyar said.

The Persian-language daily `Abrar-e Eqtesadi` on Wednesday quoted Daneshyar as saying any increase in oil prices would be beneficial to oil-producing countries including Iran since the country can boost financial credit in Forex Reserves Fund and use it for agricultural, industrial and development projects.

"Iran`s revenue from oil export was $10 bln more than the figures predicted in the Third Development Plan which will be injected into Forex Reserves Fund," he said. He added agriculture, industry and expansion of services are top priorities for using this credit.

It is expected that the total projected revenue for oil export in Iran`s budget for the current year (started 21 March) would be materialized by December due to increasing oil prices during recent months.

The surplus revenue after that date will be added to the Forex Reserve Fund. Total revenues from oil export have been estimated to reach $16.1 bln this year."

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