RSS   Newsletter   Contact   Advertise with us

Iran's oil revenues to hit $41bn by March

Share on Twitter Share on LinkedIn
Staff Writer | January 17, 2017
Petroleum Minister, Bijan Zangeneh, said that Iran's exports of oil and gas condensates will reach $41 billion by the end (March 20) of the current Iranian calendar year (started on March 21).
Bijan Zangeneh
Trade success   "No Iranian money is blocked"
It does not mean that Iran will receive $41 billion by the end of the year because Iran receives its money with a delay of few months, the minister said.

'We received $24.7 billion over the past nine months of the year and we will earn significant amount of money in the remaining months of the year, which will definitely help the government meet the target budget,' Zangeneh said.

Asked whether Iranian oil revenues are blocked in certain countries, he said, "I don't confirm that. No Iranian money is blocked and we receive all our money."

Over the sanctions time, Iran exported some one million barrels per day crude oil, while it had no direct access to the financial resources coming from its exports, Zangeneh said.

A large part of Iran's oil revenues were frozen during the sanctions time and in some cases Iran had to import commodities instead of getting the money, the minister added.

With removal of sanctions following Iran nuclear deal last year, Iran was allowed to increase its oil exports up to the pre-sanction level.