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Iran Allocating 14.5% of Oil Revenues to Oil Industry Satisfactory

Source: 5/5/2013, Location: Asia

Iranian Minister of Petroleum expressed satisfaction with a decision by a Parliament’s commission on allocating 14.5 percent of oil revenues to development of oil industry.

Speaking to Shana, Rostam Qasemi said: a recent legislation by Integerated Commission of the Parliament, which allocates 14.5 percent of oil production revenues to Petroleum Ministry, is satisfactory and can accelerate oil industry’s development plans.

He continued: ‘like previous year, both government and parliament have backed petroleum ministry in view of meeting its financial needs and the oiil industry will attempt to achieve its targets defined for current year’.

Elsewhere in his remarks he referred to discovery of a new oil field located south of Iran adding more details would be declared about the field’s specifications after the related studies is complete.

Expressing satisfaction with the process of oil industry development, he said: reliance on domestic capabilities has thwarted sanctions and oil industry is moving toward its goals.

‘Sanctions caused many oil industry needs to be met form inside the country by domestic manufacturers’, the official noted.

Last week on the sidelines of inauguration of a Membrane Technology Center at Petrochemical Research and Technology Company, Qasemi said: relying on their knowledge, Iranian researchers have been able to thwart sanctions imposed against the country and take great strides towards self-sufficiency and indigenization oil industry equipments.

He continued: sanctions provided enough incentives for Iran’s oil industry to move rapidly towards development. ‘Iran is a great country with great potentials for development and we will achieve bulk of our targets by activating these potentials’, Qasemi noted.

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