May 14, 2019, 4:26 PM
News Code: 83314476
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Only 30% of budget revenues are from oil sales: VP Jahangiri

Tehran, May 14, IRNA - Iran says only 30 percent of its budget revenues come from the crude sales, as the country is moving to reduce its reliance on petrodollars.

'Through the efforts that have been made during past years, the budget’s reliance on oil revenues has reduced a lot,' said First Vice President Eshaq Jahangiri on Tuesday, addressing the Supreme Council for Science, Research and Technology.

'If some time, 80-90 percent of the government's budget was dependant on oil, this dependency has reduced to 30 percent,' he added.

The Iranian oil sales have been affected after the US withdrew from the 2015 international treaty on Iran’s nuclear programme and reimposed its unilateral sanctions on the country last November.

Only 8 countries, Italy, Greece, Turkey, China, Taiwan, India, Japan and South Korea, were given sanctions waivers to keep buying Iranian energy. However, those waivers weren’t extended beyond May 2.

However, Iran has taken measures to diversify its revenues by developing other economic sectors, such as metals and mining industries as well as nanotechnologies and knowledge-based firms.

For example, out of the $12 billion annual trade volume between Iran and Iraq, only $4 billion come from Iran energy sales, such as gas, electricity or petrochemicals products. The remaining $8 billion are the country’s non-oil exports.

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