Cabinet to Revise Oil Contracts

Members of an Iranian parliamentary commission have persuaded the administration officials to revise the new model of oil contracts with foreign customers, an MP announced.

Asadollah Qarakhani, member of the parliament’s energy commission, told Tasnim that the commission has discussed the oil contracts in detail.

Following a series of objections to the new contracts raised by the experts, the administration has been convinced to revise them, he added.

Qarakhani said the ministers of oil and energy are going to attend a session of the energy commission after the parliament’s summer recess for talks about the contracts.

Back in July, Iran’s vice-president for legal affairs, Elham Aminzadeh, said Tehran plans to make necessary amendments to the new model of oil contracts in accordance with “national interests”.

In June, Oil Minister Bijan Namdar Zangeneh said the country’s new oil and investment contracts for international firms, known as the Iran Petroleum Contract (IPC), will be launched this summer.

(Source: Tasnim, under Creative Commons licence)

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