NIOC Receives 80% of Export Revenues in Fiscal 2021-22

The National Iranian Oil Company has received over 80% of its crude export revenues in the fiscal 2021-22 and the rest has been bartered for medicine and essential goods, the oil minister said.
“In addition to collecting export revenues from its regular customers, NIOC has concluded several contracts with new buyers in Latin American countries,” ILNA also quoted Javad Owji as saying.
Petrochemical firms presented close to $12.5 billion of their export earnings to the secondary foreign exchange platform [known locally as Nima] in 2021, he added.
Owji noted that petrochemical companies are top earners of foreign currency revenue at a time when Iran’s economy is under US sanctions and struggling with forex shortages.