Falling oil prices positive, MP

Tip of the day

· TEHRAN Dec 01 (Shana)--There is no concern about oil prices slump because the country is able to replace falling oil revenues with revenues it can make from other sources.
· The member of Planning, Budgetary and Auditing Commission of Parliament Mousareza Servati made the remarks in an interview with Shana, adding Parliament will define new sources to make up for falling oil revenues.
Servati said falling oil prices is a good opportunity for the country to reduce its dependency on oil revenues because lowering the share of oil revenue in the total budget is the goal the parliament has been pursuing for many years.
Responding to a question on the petrochemical feedstock price, he said planning, budgetary and auditing commission has yet to reach a final decision on the issue, adding a final decision has been postponed until next session.
“We think the government should have the power to make a proper decision on feedstock prices”, he said.
Accordion to the MP, pricing formula seeks to accelerate implementation of petrochemical projects.
Servati continued defining a 10-year formula for setting feedstock prices will facilitate investment because those interested to investment in the sector should be aware of the prices over the years ahead.

2014/12/2 13:50