Iran's energy sector review

The Iranian government is preparing the next solar year budget to submit to the Parliament, but reportedly with significant difference from current year budget in details. Iran is expected to sell $ 81 billion oil, condensate and gas during current solar year, according to the budget law, which shares 17.5 percent of $461 billion-budget (based on official USD rate in Iran, 1226 rials, and also considered $85 per barrel). The current state budget relies $53 billion worth income on petroleum, but according to Iranian president's deputy on budget issues Rahim Mambini, the administration wants to decrease budgets' dependence on oil by 30 to 40 percent in next year. Earlier, the head of budget commission in the Parliament Gholam-Reza Mesbahi Moghaddam said that the government aimed to consider 1 million barrels drop in oil export in next year budget bill. Some 1 million barrels per day decrease in oil export means losing $40 billion oil incomes in a year. How can Ira...

Head of the Iran's National Development Fund Mohammad Reza Farzin said the reserves of Fund have increased by $7.895 billion during first seven months (March 19 to Oct.21) and reached $42.862 billion. According to the law, 23 per cent of petroleum exports, alongside some of the surplus oil export's revenues should be transferred to the National Development Fund (NDF). NDF was established two years ago to transform oil and gas revenues into productive investments and private industry sector for future generations. According to Farzin's statement, 20 per cent of Iran's oil, gas and condensate export revenues in last solar year and 23 per cent in the current year have transferred to the fund. According to Iran's budget laws, the oil price for the last and current years have been considered respectively at $80 and $85 per barrel, while the real prices in the oil markets have been at $107.19 in 2011 and $110.5 during this year, then Iran has earned huge amount of surp...