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Economic News in Previous Week

Iran Daily - Feb 24, 2001

Oil Revenues Set at $14.9b

The Majlis has authorized oil sales of up to $14.9b in the next fiscal year, based on the assumption that $2.0 billion of this amount would be met from the Surplus Foreign Exchange Fund, IRNA reported. The National Iranian Oil Company has also been authorized to enter into finance or buyback deals to the ceiling of $2 billion to prevent the igniting of gas in the oil wells and renovate oil installations.