Iran earned $1.116 trillion in oil revenues in 103 years, former official says

TEHRAN,Sept.5(MNA) - Iran has earned $1.116 trillion in oil revenues over the past 103 years, according to a former senior official in the oil sector. Akbar Torkan added that 47 percent of the sum is related to the 7-year incumbency of President Mahmoud Ahmadinejad. For the time being, exports of crude oil and condensates make for some 80 percent of oil revenues, he noted. Oil income has been the main reason behind enlargement of the state-run sector in Iran and it has led to a low productivity in the national economy, said a member of the Iranian society of energy economy in May. Gholamhossein Hassantash added that oil deposits should be preserved untapped unless there is a need to oil income. Despite the fact that downsizing the government has been reiterated in recent years, but what we have seen was the government’s enlargement, he said. According to him, the economy resembles a closed bowl which is full and there is no room to add it any material. The national economy has not the capacity to be overloaded with oil incomes.