24 February 2022 - 14:56
  • News Code: 453920
40% of Oil Export Revenue, Share of NDFI

TEHRAN (Shana) -- The members of the Islamic Consultative Assembly agreed to determine a 40% share for the National Development Fund of Iran (NDFI) in the revenues reaped from the export of crude oil and gas condensate in the budget bill of the calendar year of 1401 which begins on March 21.

The MPs in Sunday, February 20, public session of the Islamic Consultative Assembly agreed on the NDFI share of oil and gas condensate export revenues in the budget bill of the next Iranian calendar year of 1401 which starts on March 21.

Accordingly, the share of the National Development Fund of Iran in the export of crude oil, gas condensate and natural gas is set at 40%.

The Central Bank of the Islamic Republic of Iran is obliged to immediately and in proportion to the receipt of revenues, deposit the funds and the share of 14.5% of the National Iranian Oil Company in the total export of crude oil and gas condensate (exempt from government dividends) and the 14.5% share of the relevant state-owned companies of the Ministry of Petroleum from the natural gas net exports (exempt from government dividends and taxes at zero rate).

The Ministry of Petroleum is also obliged to report to the central bank, the Planning and Budget Organization and the Ministry of Economic Affairs and Finance the amount of monthly exports of crude oil, natural gas and condensate as well as petroleum products.  

News Code 453920

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