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Article: Tapping energy-rich Iran: Iran's strategic importance to global energy markets cannot be underestimated. With over 9% of the globe's oil reserves and 15%-17% of worldwide reserves of natural gas, the hydrocarbons resources of the Gulf's most populous state are tremendous.(Special Survey)
- Article from:
- The Middle East
- Article date:
- August 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE PETROLEUM INDUSTRY constitutes the bedrock of Iran's $100bn-plus economy. It provides on average 80% 85% of total export earnings, one-half of the state budget and one-quarrel of gross domestic product (GI)P). Economic growth this year is anticipated at 6.2% thanks to higher hydrocarbons production and robust domestic demand--underpinned by rising private and government consumption. The US Energy Information Administration (EIA) forecasts 2004 oil-export revenues at $27.5bn, up from last year's $23.9bn.
The country's recoverable reserves are now estimated at 131bn barrels, 32% higher than the previous official figure (99.08bn barrels) issued by OPEC. Total ...
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