Iran says new oil contracts to be operational in one month
Iran's newly introduced oil contracts called Iran Petroleum
Contract (IPC) will be operational in one month, said Oil Minister
Bijan Zanganeh.
He spoke of struggle by the ministry to push the IPC through,
despite efforts in Iran to hamper their utilization, ILNA news
agency reported April 9.
Zanganeh said the efforts were made by "those whose interests will
be hurt" by the new contracts.
The IPC was introduced a few months ago as a measure to make more
out of the lush Iranian oil business.
The model of contract emphasizes foreign investment that would
bring technology to Iran. It also requires foreign investors to
work with at least one Iranian partner.
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