Iran to complete new model of oil contracts this week
Iran’s new model of oil contracts will be finalized in the next five days, IRNA reported.
Deputy Minister of Petroleum for International and Commercial Affairs Amir-Hossein Zamaninia announced about this while addressing International Conference on Optimization of Upstream Oil and Gas Contracts.
Zamaninia said on Sunday that $185 million project has been devised for the upstream, midstream and downstream oil industries in the next five years and between $40 to $50 billion can thus be lured in annually.
He said today, the world political economy of the world has undergone changes. 'So, if you care for national interests, we should avoid dealing with legal issues in order to reach agreement with the other party.'
He added that IPC is only an oil contract but the main point is the talks for conclusion of contract should be held.
By the next one and half month, the IPC contract will be finalized and negotiations will start after clearly passing all required procedures.
IPC offers contractors the various stages of exploration, development and production as a complex package.
Foreign oil companies hold intensive negotiations to return to the Iranian market at the present.
Iran already concluded contracts with several European oil companies , and the implementation of those contracts is expected to take place in near future.
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