Iranian Minister of Petroleum Bijan Zangeneh said the ministry is about to start “pre-qualification” procedures for the new petroleum contract model Iran unveiled late 2015.
Speaking with Shana, the official said no tenders will be held before the terms of Iran Petroleum Contract (IPC) are finalized.
Asked when the first version of IPC will be signed with a company, Zangeneh said a draft of the contract needs to be prepared before any contract can be signed and “I can give no specific time for that for the time being.”
He said the petroleum ministry will begin pre-qualification of IPC bidders’ credentials in May.
“No tenders can be held before a draft IPC is finalized,” the minister added.He further said IPC is in fact a buyback deal with some modifications, adding, “We are moving forward based on a consensus for finalizing these contracts and the parliament has authorized the administration to pursue finalization of the contract.”