Iran Gov’t set to free budget from oil revenues

TEHRAN, Jan. 18 (Shana) – First Vice President Eshaq Jahangiri said the government of President Hassan Rouhani is determined to set free the budget’s current expenditures from dependency on crude oil revenues.

“Of course, reducing the budget’s development expenditures on the oil incomes is also on the agenda,” he told reporters after a visit to the Ministry of Petroleum on Monday, one day after implementation day of the nuclear Joint Comprehensive Plan of Action (JCPOA) reached last July between Iran and P5+1 group of world powers.

Saying that the Budget and Planning Organization has drafted the budget within resistive economy policies stipulated by the Supreme Leader, he added that despite of removal of sanctions and oil export increase included in the next year’s budget draft, dependency on oil revenues has decreased to 25 percent.

“Part of the reduced dependency on oil revenues arises from plummeting oil prices,” Jahangiri said, “We are up to bring down to zero dependency of the current budget on oil by the end of the present government and to reduce its dependency on the development budget as low as possible.”

“The country’s industry must form around the oil industry and the Ministry of Petroleum has plans available in oil, gas, and petrochemical fields worth 200 billion dollars,” he said noting that income sources from oil has to be put in the service of the country’s development.