Tehran, Iran, Nov. 28
By Mehdi Sepahvand - Trend:
Iran's Oil Minister Bijan Zanganeh said his country's newly designed oil contracts, called the Iran Petroleum Contract (IPC), attract attention to buyback contracts.
Speaking in a conference, which presented the contracts, Zanganeh said the IPC is designed as a way to make up for the inefficiencies in Iran's previous contracts (buyback), Trend correspondent reported from the event venue Nov. 28.
"The contracts are seeking win-win deals among the Oil Ministry and companies that are to carry out related projects," he noted.
He added that Iran plans to constantly increase recovery and boost the abilities of the private sector by having foreign companies choose Iranian contractors, and enhance Iran's technological capabilities in the oil industry.
"Past experience with oil contracts made us design the new contracts in a bid to secure the interests of both the buyer and the seller," he stressed.
"This is a suitable time for the unjust sanctions to be lifted to show that they have been damaging both the buyer and the seller," noted the Iranian minister.
He also said that through the contracts, Iran intends to boost recovery and extraction of hydrocarbon resources.
Some of the world's biggest names in oil, gas, and petrochemicals industries gathered in Tehran Nov. 28 to attend a conference, during which Iran's Oil Ministry will unveil its new contracts, called the IPC.
Out of the 335 companies attending, 152 will come from abroad, Shana agency quoted Mehdi Hosseini, head of the Tehran Conference, as saying Nov. 27.