Tehran, Iran, May 29
By Mehdi Sepahvand - Trend:
The Iran Petroleum Contract (IPC) has been turned down by the National Iranian Oil Company (NIOC) for 'minor errors'.
"The demanded correction concerned mainly clarification and change of phrases in a way to prevent misinterpretation," said Ali Kardar, deputy for investment at the NIOC, Fars news agency reported May 29.
Answering a question about the differences between the present and previous IPC drafts, he said the current draft is "a lot like buyback contracts".
The IPC was introduced a in late 2015 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.
A group of Iranian students affiliated with paramilitary Basij organization gathered outside Oil Ministry building in Tehran to protest against the IPC suggesting the new model of the oil contract is against the Iranian constitution.
Following the protest, the Parliament announced investigations have not pointed to any breach of law by the IPC.
Earlier in November, Tehran hosted 137 companies from 45 countries for a two-day conference, during which legal generalities of the IPC were introduced.