Iran OKs new format of oil contracts

“The Iranian market will not be monopolized by a few companies”, he added.


“We welcome all oil companies who meet our country’s investment requirements”.

“Due to overhaul and dredging of our terminals, we have the ability to receive world’s giant tankers at Kharg oil terminal as the world’s largest oil terminal”.

The July deal agreed by the US, France, China, Russia, United Kingdom and Germany to remove sanctions on Iran in exchange for curbs on its nuclear program point to an early 2016 start if all conditions are met, Goldman’s Tarr said in the report.

Javadi said Iran would hold an global oil and gas strategy conference in Tehran from October 19-21.

The deputy minister claimed that Iran needs new know-how and technologies to help develop its oil fields and improve the system of pipelines and refineries.

Other objectives of the new format of oil and gas contracts include attracting major worldwide energy corporations to bring investments as well as the advanced technology into Iran’s energy sector projects.

Meanwhile, a delegation from the British Iranian Chamber of Commerce, including representatives from 14 companies, arrived in Tehran for business talks last night, but BP was not represented. “It was their government’s imposed unjust limitations that took this chance away from them”.

The sanctions have halved Iran’s oil exports to around 1.1 million bpd from a pre-2012 level of 2.5 million bpd.

“Many projects will be presented in this conference”.

The conference, which is to introduce new model of Iran’s oil contracts called Iran Petroleum Contract (IPC), will also unveil oil development projects to the foreign investors.

“Our priority is developing the joint oil fields with neighbouring countries”, Javadi said.

“The companies that cannot make it in Tehran, can participate in the subsequent London conference,” he said.

Analysts say Iran remains a hard place for Western firms to do business.


Mr Javadi said potential investors would be asked to consider contracts over 20 to 25 years.

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