Zanghaneh said the falling oil prices have drained his ministry’s revenues to an extent that “no cash is currently available for the oil industry’s crucial investments.”
“The Oil Ministry has come across problems in paying the salaries of its own staff, let alone making (crucial) investments in shared fields,” Zanghaneh added. (Press TV, 16 February)
“The current situation of the oil industry is catastrophic,” Zanghaneh said. “If the clause (allocation of $4.8 billion from national sovereign fund to oil ministry) is not approved, we will fall into a real crisis.”
The proposal for allocating $4.8 billion from National Development Fund to Oil Ministry, however, failed to get enough votes in the Majlis and did not pass. It was forwarded to a Majlis committee for further discussions, Press TV reported.
File photo: Iranian Oil Minister Bijan Zanganeh (Press TV)