NIOC getting 14.5 percent of total oil revenue

TEHRAN Dec 09 (Shana): The next year’s budget bill submitted to parliament for approval has allocated 14.5 percent of crude oil and gas condensate revenues to the National Iranian Oil Company, without any change to the figure in the current year’s budget.

Iranian President Hassan Rouhani on Sunday submitted the budget bill for next calendar year to parliament, saying increased petrodollars and higher tax revenues are focused upon in the draft.

He said the government’s general budget will exceed 1,950 trillion rials, 50 percent higher than last year.

The government also plans to issue billion euros of bonds to finance oil industry projects next calendar year which starts on March 21, 2014.

According to the draft budget, the government allows Petroleum Ministry to issue nine billion euros in bonds, including five billion euros by National Iranian Oil Company.

The issuance of these bonds depends on drafting a report justifying the technical, economic, social, environmental and civil defense aspects of projects.

In total, the government plans 12.5 billion euros worth of bonds.

By SHANA

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