Energy
0

Iran's NIOC Generating Revenues via New Channels

Iran's NIOC Generating Revenues via New ChannelsIran's NIOC Generating Revenues via New Channels

The National Iranian Oil Company raised $700 million in revenues by selling oil and petroleum byproducts in the capital market in the past eight months, the managing director of the company said Tuesday.
“Now that we cannot get assistance from the National Development Fund of Iran (a sovereign wealth fund), revenue from selling oil derivatives on the Iran Energy Exchange is helping us finance some incomplete projects,” Masoud Karbasian said, ILNA reported.
The government is struggling to plug its budget deficit and cannot afford to pay for oil development projects and that is the reason why NIOC is looking at the available options (other than exports), he noted.
On the same subject he added that the private sector is of importance in attracting liquidity and assigning oil projects.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com