TEHRAN Feb 16(Shana)–Iran’s petroleum minister has said that the country’s petroleum industry needs finance.
“When the oil price was at $100 and we sold two million barrels of oil, the Petroleum Ministry’s share was $13 billion. But for next [fiscal] year, the parliament has predicted the oil price at around $40 a barrel and exports are a bit higher than 1 million barrels and Petroleum Ministry will get less than $3 billion. How can we run the petroleum industry with this [meager] money,” he asked parliamentarians. Iran’s fiscal year starts on March 21.
He said Iran invested $21 billion in the oil sector in the calendar year to March 2012 and $17 billion in the following year.
“With this trend, investment from our own resources will be nil next year,” he said.