Iran to unveil new oil contract model IPC tomorrow
Tehran, Iran, November 27
By Mehdi Sepahvand - Trend:
Iran is going to unveil its new model for oil contracts it calls Iran petroleum contract (IPC) on November 28.
The new model will be presented during a conference with the country's Oil Minister Bijan Zanganeh and other high-ranking oil officials of Iran, IRNA news agency reported November 28.
The Oil Ministry has announced the contracts are designed to attract foreign investors, but with the condition that they should pick Iranian contractors to carry out the projects.
During the conference which is to be held in two days, about 50 upstream projects in oil, gas, and petrochemicals will be introduced.
The conference was initially intended to be held in London, the UK, but the Iranian Oil Ministry changed the place to Tehran.
However, a second conference is still to be held in London to further open the aspects of the contracts to investors.
The contracts will offer all three exploration, expansion, and production phases as unified packages as a bid to further appeal to investors.
Representatives from 33 countries are going to attend the conference.