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Iran to attract $100bn under new oil contracts: Official
Iran to attract $100bn under new oil contracts: Official
Wed Feb 26, 2014 12:37PM GMT
http://presstv.com/detail/2014/02/26/352354/iran-to-attract-100bn-under-new=
-deals/
Iran is predicted to attract USD 100 billion in investment in its energy =
sector over the next four years after its new model of oil contracts takes =
effect, a top official says.
Mehdi Hosseini, who advises Oil Minister Bijan Namdar Zanganeh on oil =
contracts, made the announcement on Wednesday; three days after Iran =
unveiled the draft for its new oil contract terms.
He said that Iran Petroleum Contract (IPC) has removed all problems which =
have existed in the framework of oil contracts over the past 20 years.
=93Iran enjoys lots of attractions for investment in the oil sector, and =
therefore with the resolution of the contracts=92 problem, the grounds will=
be =
prepared for the renewed presence of big oil companies in the country,=94 s=
aid =
Hosseini.
Iran=92s Oil Ministry on Sunday unveiled the draft model of its new oil =
contracts aimed at drawing more foreign companies to develop Iranian =
hydrocarbon reservoirs.
The IPC is replacing =93buy-back=94 contracts which are no longer attractiv=
e to =
foreign companies.
Under a buyback deal, the host government agrees to pay the contractor an =
agreed price for all volumes of hydrocarbons the contractor produces.
But under the IPC, National Iranian Oil Company (NIOC) will set up joint =
ventures for crude oil and gas production with international companies whic=
h =
will be paid with a share of the output.
Iran=92s Oil Ministry plans to hold a conference in London in July to =
introduce the new contract terms to international companies.
World oil giants have shown interest in returning to Iran following the =
easing of sanctions against Iran in light of the implementation of Tehran=
=92s =
nuclear deal with world powers.
KA/HGH/SL =
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