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Ali Asgar Hamedani: Iran Needs to Restore Oil Export Revenue

Oil and Gas in Iran

According to the statistics released on January by the Ministry of Petroleum, Iran has lost more than half of its revenue through the export of crude oil. In recent years, the European Union and the U.S. government have imposed sanctions on Iran’s economy. Foreign companies are currently banned from buying crude oil and petrochemical products from Iran.

Bijan Namdar Zangeneh, the Iranian new minister of oil, has already promised to increase Iran’s export revenue by selling more gas and crude oil to other countries. He has recently allocated massive budgets to complete the remaining phases of South Pars gas field.

“Oil export revenue plays a major role in Iran’s economy. The Iranian government under Mahmoud Ahmadinejad tried to increase the country’s non-oil exports over the past few years, but the results were not satisfactory. So the government must restart exporting crude oil to the Asian and European states,” said Ali Asgar Hamedani, an Iranian economist.

Hamedani also requests the Iranian government to cut subsidies for petrochemical products inside the country. “As the Iranian rial has lost its value against the U.S. dollar, the real price of gasoline has decreased significantly in Iran, with compared to international markets,”

“I strongly suggest the new government to cut subsidies for gasoline, and by doing this Iran’s government can manage to save billions of dollars every year. The saved money can be invested in other projects in order to benefit the Iranian nationals and people,” Ali Asgar Hamedani added.

He went on to highlight the important role of petrochemical industries in the country’s economy. “Qatar has managed to earn hundreds of billions of dollars only by exporting gas extracted from South Pars gas field. Iran can also duplicate the success of Qatar with regard to export petrochemical products to other countries.”

It is worth mentioning that the National Iranian Oil Company is responsible for distributing petrochemical products inside and outside the country.

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