$5bn buy-back deal authorised in Iran

Iranian MPs authorized the Oil Ministry to sign buy-back deals with private or state-run investors up to five billion dollars in the next calendar year which starts on March 21. The decision was made by the parliament which adopted on Sunday the budget bill for the next calendar year. Iranian lawmakers on Sunday voted in favor of President Hassan Rouhani’s budget bill. Rouhani had last December submitted his 315-billion-dollar budget bill for the next Iranian calendar year. The endorsement follows ten days of studying the details of the budget bill. Now, the bill will be sent to the country’s top overseeing body the Guardian Council (GC) for final approval before turning into law. In case of being voted down by the GC, the bill will be sent back to the legislators for the required amendments. If the MPs insist on their own version, the top arbitration body Expediency Council will intervene. The bill has been devised on an average oil price of 100 dollars per barrel with an exchange rate of 26,000 rials against the dollar. The government’s budget is set at around $75 billion.       ?