Iran to prepay 70 percent of oil deal values to domestic contractors

Azerbaijan, Baku, Dec. 28 / Trend F.Milad/

Iranian Oil Minister Rostam Qasemi has said 60-70 percent of values of oil deals with Iranian contractors will be paid to them in advance in order to support the domestic production sector, the Shana news agency reported.

A special fund will be set up, if it is approved in the 2011-2012 Budget Act, to support domestic manufacturers, the minister added.

Previously, the Managing Director of National Iranian Gas Company Javad Owji said despite the harsh sanctions imposed on the oil sector, Iran is now self-sufficient in oil industry and capable of manufacturing any equipment needed by the industry.

Meanwhile, the National Iranian Oil Company stated that it welcomes the private sector's cooperation on developing oil and gas fields, the NIOC managing director said.

"Developing joint oil and gas fields is the first priority of the country's oil industry," Ahmad Qalebani told the Shana news agency.

The NIOC is ready to conclude buy-back contracts with domestic investors, he said, adding that new policies have been adopted to support domestic manufacturers of equipment related to oil and gas industries.

Qalebani announced in November that 20 contracts will be signed by the end of the current Iranian calendar year (March 20, 2012) to develop joint oilfields.

Oil Minister Rostam Qasemi said in August that the oil industry's infrastructure needs more than 500 trillion rials (about 50 billion U.S. dollars) of investment to achieve Iran's 20-year economic perspective plan goals.

"By the end of the fifth development plan (2015), the country's oil production must increase to 5.2 million barrels per day (bpd) and this should happen from the country's joint fields," the ISNA news agency quoted Qasemi as saying.

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