Petrodollars to be earmarked for development projects

Shana – Head of the Plan and Budget Organization Mohammad-Baqer Nobakht says the revenues gained out of oil sale will be spent on development projects.

“Government’s policy has been based on spending petrodollars on development projects,” said Nobakht, who is also government spokesman, in a televised address late Saturday.
Nobakht said environment protection, water and sewage treatment and development of the railway transportation will be the priorities of government in the next year budget.

He said last year, Iran just exported one million barrels of crude a day due to tyrannical sanctions but now as much as more than 2.8 million barrels of oil and gas condensates are daily exported.

He said based on the law, part of the oil income should be deposited into the Forex Reserve Fund.