Iran to unveil new model of oil contract in Tehran, not London
Baku, Azerbaijan, Sept. 18
By Fatih Karimov - Trend: Iran will unveil the new model of its oil contracts - named Iran Petroleum Contract or the IPC -to international investors in Tehran not London.
Rokneddin Javadi, the managing director of the National Iranian Oil Company, said that a conference will be held in Tehran in early November to unveil the IPC, and a complementary conference will be held in London one or months later, Iran's YJC reported Sept. 18.
Of course, the decision has not yet been finalized, he noted.
The IPC will be a modification of the traditional buy-back risk service contracts and has been specifically designed to increase the attractiveness of Iranian oil projects for foreign investors.
It offers different stages of exploration, development and production to the contractors as an integrated package.
Previously, Iran 's oil minister Bijan Namdar Zanganeh, said the IPC will be unveiled in London in December.
"I think the new model of contracts, which will be signed within the IPC framework, will be more attractive," he added.
Foreign oil firms are in intense talks to return to the Iranian market once sanctions on the country are lifted, Mehdi Hosseini, head of Iran Oil Ministry's Contracts Revision Committee, said in July.
Intense talks are being held with delegations from European and Asian countries, so that they can return to the Iranian market promptly after the sanctions are lifted, he said.
Tens of projects in the upstream sector of the oil industry have been defined within the framework of the new model of contracts, he noted.
He said that the value of these contracts may exceed $100 billion.
Edited by CN