Iran to Unveil New Oil Contracts in Nov

The Managing Director of the National Iranian Oil Company (NIOC) has said Iran will introduce its new oil contracts in early November in Tehran.

The first phase of contracts will be unveiled in November in Tehran and a follow-up conference will be held in one or two months in London,” Roknoddin Javadi (pictured) told reporters.

Last August, Petroleum Minister Bijan Zangeneh said the ministry will unveil new oil development contracts to a London conference planned for December as Iran seeks to attract foreign investors and oil buyers shall sanctions on its energy sector are lifted.

New contracts with foreign companies will be signed in the IPC (Iran Petroleum Contract) framework which I think will be more attractive,” he added.

In early September, Zangeneh welcomed foreign investment in Iran’s energy industry, but said the Islamic Republic is interested in technology transfer by foreign partners.

More than cash or using the technology, we would like to have their advanced technology to be transferred to domestic companies,” he stressed.

In the wake of the July 24 nuclear deal between Iran and P5+1 group of world powers, Tehran has hosted high-ranking officials and corporate executives of major companies from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures.

Javadi, who is also deputy petroleum minister, said the increase in Iran’s oil output in the post-sanctions period would not determine prices, adding the international oil markets are not expected to drop below $40-45 per barrel next year.

(Source: PEDEC)

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