Development Fund to Get 20% of Iran’s Oil Money

Members the parliamentary select committee to study budget law signed off on a measure which determines the share of the National Development Fund of Iran (NDFI) from all oil export revenues at 20 percent in their latest open session on Sunday.

According to ICANA, Mohammad Mahdi Mofatteh, spokesperson of the committee, said that during deliberation on the articles of the fiscal 2018-19 budget law, details of the motion were considered, after which it was decided that the NDFI would get 20 percent of the resources generated by exporting crude oil.

According to the MP, besides the NDFI share, 14.5 percent of the oil and gas condensate revenues would be taken by the National Iranian Oil Company (NIOC), 14.5 percent of the natural gas export revenues would be given to the National Iranian Gas Company (NIGC), and 3 percent of oil revenues would be invested in oil-rich, under-developed regions.

The remaining revenues would be deposited with the Treasury.

The MP also stressed that the committee’s decisions were not final and its decisions would need to be passed by lawmakers at the parliament’s open session.

(Source: Shana)

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