Petroleum Ministry allowed investing as much as $100b

TEHRAN Feb 09 (Shana): Members of parliament tasked Petroleum Ministry with investing as much as 100 billion dollars, or its equivalent in IR rial, in oil industry as they are debating on the budget bill presented by the government for next year fiscal year, beginning late March.

The lawmakers ratified in their today’s morning session a clause that obliges Petroleum Ministry to invest the money through its subsidiaries in different oil industry sectors including in boosting oil and gas production capacity mainly in shared fields, raising crude oil refining capacity, gas condensate and petrochemical products, preventing gas flare, optimizing oil and gas consumption and replacing oil products consumption with natural gas.

Parliament has started its 183rd session today to continue examination of the first budget bill presented by Hassan Rouhani’s administration after taking office in August 2013.

The next year’s budget bill is under examination in Parliament as Iran has reached an interim agreement with six world powers on its nuclear program. Iran’s economy is dependent on oil revenue as its assets being frozen overseas. The country will resume talks with 5+1 group comprising Russia, the U.S., England, France, China and Germany late this month with the goal of finding a permanent solution for its nuclear program which pursue peaceful purposes but has raised concerns among western countries arguing it is not enough transparent.

Following creation of a better climate in Iran’s political relations with West after Geneva talks in Novemebr, last week a French delegation comprising more than 100 businesses travelled to Iran to examine opportunities for investment in the country. Furthermore it is expected a group of German businesses to arrive in Iran to hold talks with Iranian officials on trade. Washington has warned the European countries against any hasty decision for involvement in Iran’s economic activities.    

By SHANA

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