BREAKING NEWS

Ahmadinejad: Iran to reduce oil dependence amid sanctions

By REUTERS

FEBRUARY 24, 2013 10:14

DUBAI- Iran is to reduce its dependence on oil income and boost non-oil exports in its budget to counter the "heavy" impact of sanctions, President Mahmoud Ahmadinejad said in a television interview late on Saturday.

"Events have struck from beyond our own economy and heavy factors are active from outside. If severe fluctuations hit this (oil) income, surely it has an effect," Fars news reported Ahmadinejad as saying, in an apparent reference to sanctions that have nearly halved Iran's oil exports.

"We have to go in a direction to reduce oil receipts in our economy and raise other incomes such as non-oil exports that are increasing rapidly," he said.

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