Iran hopes to sign first new model oil contracts in 3 months
Baku, Azerbaijan, June 12
By Fatih Karimov - Trend:
Iran's Oil Minister Bijan Namdar Zanganeh expressed hope that the country's newly introduced oil contracts called Iran Petroleum Contract (IPC) will be operational in three months, SHANA news agency reported June 12.
"I hope that the first IPC contract will be signed in 2-3 months," Zanganeh said.
He further said that the ministry has held various talks with the critics of the new contract model, adding certain revision was made in the contracts.
"The revision was mainly made in legal terms," he said.
Zanganeh also said that the first IPC deals most likely will be signed with French Total, Italian Eni and Russian Lukoil.
Last month the Iranian First Vice President Eshaq Jahangiri ordered the Oil Ministry to revise the IPC contracts and submit the offers for government's approval as soon as possible.
The IPC was introduced in late 2015 as a measure to make more out of the Iranian oil business.
The contract model accentuates the foreign investments that would bring technology to Iran.
It also requires foreign investors to work with at least one Iranian partner.
Earlier in November, some 137 companies from 45 countries gathered in Tehran for a two-day conference, during which the legal generalities of the IPC were introduced.