$40bn oil revenues to enter NDFI

TEHRAN, Apr. 17 (MNA) – Hassan Rouhani said, despite low oil prices and economic pressures, the government will deposit 40 billion dollars of oil revenues in the National Development Fund of Iran (NDFI).

Speaking at inauguration ceremony of four petrochemical projects in Pars Special Energy Economic Zone on Sunday, Iranian President Hassan Rouhani said high bank interests proved an obstacle to investment and, before the issue is resolved, foreign finance and resources of NDFI need to be put on the agenda.

“Taking advantage of foreign resources was made possible only after sanctions removal though certain difficulties still exist,” he continued.

He rejoiced to note that six South Pars phase simultaneously became operational in one single day marking an honor for directors and employees of the Iranian oil industry.

The official further highlighted that inauguration of several petrochemical projects were indicators of Iranian talent and the smooth path of progress.

Rouhani reiterated that the issue of free trade between Iran and five Eurasian countries was being pursued in a bid to create a free trade zone.

He stressed that economic activities in the petrochemical industry were founded on exports while certain products like wheat were unfortunately import-centered.

President of Iran deemed high capacity of strategic products as a unique advantage for the country saying “the government has eagerly sought to increase reserves of these products.”

The high-ranking official also pointed to the rise in domestic production of strategic weapons and stated that success in negotiations required national unity and support.

“The government prepared grounds for exports as last year Iran’s non-oil exports surpassed its imports for the first time ever.”

He also referred to plans to develop relations with neighboring countries like Iraq and Turkey adding that Iran will be connected to the Black Sea and the Mediterranean Sea through rail and road as well as that required commodities by Russia will be transferred from India to Moscow through Bandar Abbas using railroad transit.

In northern and western areas of the country, positive steps have been taken to exploit export potentials in line with development and employment though creating jobs after several years of stagnant economy proves to be a difficult task.

Rouhani went on to describe development of petrochemical industry in southern areas as a great advantage asserting “great measures have been taken and a huge development is anticipated in the sector given the easy access to water, electricity and feedstock.”

“Iran is the fourteenth largest electricity producer in the world as it has turned into an exporter of the product and can turn into a regional hub for electricity.”

Hassan Rouhani later enumerated a number of other major achievements like expanding the country’s gas network to remote areas, development of Makran region, a strategic move also emphasized by the Leader, rise in aircraft traffic in addition to expansion of Iranian ports.


News Code 124837


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