Publishe Date: 2:21 PM - 11/30/2013 | Print

Proposed Oil Price for Budget Not Fixed Yet

Economy - The price of oil in the next year’s budget is expected to be considered at 100 dollars per barrel, Deputy Oil Minister for Planning and Supervision on Hydrocarbon Resources Mansour Moazzami said

Moazzami told Shana that the 100-dollar price per barrel is not final yet and may change.

He added that 90 or 95 dollars prices seem more stable but the final decision on the proposed figure will be made after coordination with other related decision- making bodies.

He went on to say that the relations between the government and NIOC in next year’s budget would be transparent.

"In the next year budget part of revenues which goes to treasury and payment of subsidies as well as the part which will be allocated to oil industry will be separate and clear," Moazzami told Shana.

"We are coordinating our plans with Budget and Planning Organization and it is supposed next year’s budget draft to be prepared for presentation to parliament within a couple of weeks," he said.

Moazzami regretted that the relations between NIOC and its subsidiaries were not clear enough expressed hope it becomes transparent through proposals oil ministry intends to offer to parliament.

The oil ministry has performed all its duties on payment of cash handouts, he said adding the measures have faced oil industry with the problem in implementation of key projects, which is the result of lack of fund.

"We expect MP’s take into account these important issues when they will start debate on arranging next year budget," Moazzami noted.

Earlier a lawmaker from the parliament's Energy Commission told Shana that reliance on oil revenues need to be reduced inceasingly so that the oil industry will be able to make more investment in oil and gas fields as well as downstream activities.


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