New Iranian Oil Companies to Be Formed Soon

The Deputy Head of National Iranian Oil Company (NIOC) for Development and Engineering Affairs, Gholam-Reza Manouchehri, says once the new oil contracts are implemented, non-governmental oil companies will be formed.

Manouchehri made the remarks in a meeting with the upstream oil and gas companies.

He recalled Mina tragedy and said Saudis and their allies are hostile to Iran in various sectors, including oil. “So, we should concentrate all our power to get strengthened in competition in the field.”

He focused on the NIOC mechanisms in commissioning upstream oil and gas projects, and said a comprehensive definition based on the value chain of production and life span of the field are among the policies.

He noted that without master plans and without taking details into account, the works will not be fruitful.

He said contracts should be attractive enough to win cooperation of the private sector. “The direct investment and partnership can be good choices for projects to establish refineries and petrochemical facilities; so, the BOT, BOO and the like contracts should find their place in oil industry.”

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