Model contracts for foreign investment in oil to be available next week

EghtesadOnline: Model contracts for foreign investment in oil industry will be available next week, Deputy Minister of Petroleum and Managing Director of National Iranian Oil Company Ali Kardor said on Sunday.

News ID: ۷۶۹۶۲۴

22 September 2016

He said that the new model of contracts have got approval of the Parliament last week, reports IRNA.

Talking to the Persian language daily `Iran', Kardor said the model is now finalized and will no longer change.

He said that the last version of amendment to the new model of oil contracts was sent to the parliament for final approval after investigation and corrections by the government.

Kardor said the first phase is identifying and inviting the foreign companies confirmed by the Ministry of Petroleum. Of course, a list of the companies has been prepared but they will be requested in accordance with the international protocols to inform their potential and in the next phase, a number of the companies will be invited for tender.

Kardor said that signing contract with foreign investors will take time, but, he predicted that several oil contracts will be signed by end of the year on March 20.

'We should not lose the chance of investment in the oil industry. The foreign companies look for their presence in Iranian oil industry.'

Media reports suggested that foreign investors sought delay in making preliminaries in oil cooperation with Iran until the next year presidential election results be clear but that's not right and investors do know that when they sign a contract with Iran, replacing the government will not influence the contract.

The contracts to be signed for development of the oil and gas industry upstream sectors will stand at 10 billion dollars by end of this year, Kardor said, adding that contract for development of three oil and gas fields will be signed this year.

He noted that in the Sixth Five-Year Economic, Cultural and Social Development Plan, about 134 billion dollars should be invested with the priority given to the joint oil and gas fields shared with the neighboring states.