National Iranian Oil Company: NDA Not A Deal

EghtesadOnline: National Iranian Oil Company (NIOC) has issued a statement stressing that signature of a non-disclosure agreement (NDA) must not be taken tantamount to a signature of a deal.

News ID: ۷۶۸۲۶۱

18 July 2016

The company issued the statement following last week's NDA it signed with Russia's Zarubej Neft Company on exploration and cooperation over energy and oil fields, FNA reports.

The statement said an NDA cannot be regarded as an contract; rather it is an agreement signed by at least two parties based on which the parties agree to offer each other a certain amount of data in a way that cannot be published anywhere by any of them unless otherwise agreed upon.

For implementation of new oil industry deals, developers are selected in a tender held by NIOC.