Seyyed Mohammad Hosseini added the revenue is used for completing unfinished projects and investing in economic propelling projects to boost productivity.

He pointed to the incumbent administration’s forward-looking approach and said the government has made investment in big economic propelling projects, including the development project of Phase 11 of the South Pars gas field, to provide a reliable source of revenue for the country.

on August 28, President Seyyed Ebrahim Raeisi inaugurated Phase 11 in the Persian Gulf.

The vice president noted that printing money without backing had led to more liquidity and inflation during the previous administration’s term, adding the problem was addressed under the incumbent administration and the country’s economic growth in 2022 hit 4.5 percent without oil revenues and 4.8 percent when petrodollars are calculated.

Hosseini said Iran’s embassies are introducing domestic economic capacities in an effort to attract foreign investment, paving the way for exporting technical and engineering services of the country’s oil and refining industries.