Iran to sign new oil and gas contracts

Iran Materials 21 December 2011 15:05 (UTC +04:00)

Azerbaijan, Baku, Dec. 21/ Trend M. Moezzi/

Iran will be signing one new gas and oil contract every other week until the end of the year, Mehr News quoted the country's oil minister as saying.

Iranian Oil Minister Rostam Ghasemi did not explain further information about upcoming oil contracts.

Iranian government announced three years ago that there are about 70 billion oil and gas contracts with foreign companies, however, about third of foreign companies withdrew from Iran, especially after imposing UN Security Council's No 1925 resolution on Iran. During past few months, Russian Gasprom and Polish PNGiG companies left Iran's oil and gas sector.

Chinese company have $40 billion delayed contracts with Iran as well.