Iran says new oil contracts to be operational in one month
Tehran, Iran, April 9
By Mehdi Sepahvand -- Trend:
Iran's newly introduced oil contracts called Iran Petroleum Contract (IPC) will be operational in one month, said Oil Minister Bijan Zanganeh.
He spoke of struggle by the ministry to push the IPC through, despite efforts in Iran to hamper their utilization, ILNA news agency reported April 9.
Zanganeh said the efforts were made by "those whose interests will be hurt" by the new contracts.
The IPC was introduced a few months ago 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.