Iran “Nearly Not Dependent” On Oil Revenues - Rouhani

By Staff, Agencies

Iranian President Hassan Rouhani said on Monday that the Islamic Republic has adopted plan to reduce reliance on oil revenues and currently is not dependent on petro-dollars.

Rouhani said that the oil industry used to shoulder the burden of the country’s annual budget plan, noting, however, that the oil industry is still a major significant industry, and many of the country’s other activities rely on the oil industry.

Touching upon the performance of the Government in the area of oil and gas during his tenure, Rouhani said that the country’s gas extraction has now reached one trillion cubic meters a day from 600 mcm/d seven and a half years ago.

He also noted that Iran has now outpaced Qatar in extraction of gas from the South-Pars field it shares with Qatar in the Gulf waters.

Iran’s production from shared oil fields with Iraq in western country has increased five-fold, Rouhani added.