Iran Needs Billions More to Pay for Gas, Diesel

A top Iranian oil official says Iran needs an additional $6.5 billion to help pay for imported gas and diesel fuel during the current budget year.

Deputy Oil Minister for Planning Ebrahim Raad-Afzoon is quoted by Iranian news agencies as saying the figure is in a supplementary budget amendment being sent to the government. The measure will then be submitted to parliament for ratification.

Iran has the world's second largest natural gas reserves, and is a major crude exporter. However, the country lacks sufficient refining capacity to meet its domestic gasoline needs.

Tehran has had trouble securing contracts with foreign companies because of international sanctions aimed at isolating Iran because of its controversial nuclear program.