Baku, Azerbaijan, Sept. 26
By Fatih Karimov - Trend:
Iran will unveil the new model of its oil contracts - Iran Petroleum Contract or the IPC - to international investors in Tehran.
Iranian Oil Minister Bijan Namdar Zanganeh said that the IPC will be introduced to investors in the next Iranian fiscal month of Aban (Oct. 23-Nov. 21), Iran's Fars news agency reported on September 26.
The IPC will be a modification of the traditional buy-back risk service contracts and has been specifically designed to increase the attractiveness of Iranian oil projects for foreign investors.
It offers different stages of exploration, development and production to the contractors as an integrated package.
The conference will be held in Tehran instead of London, he said, adding that the new model of oil contracts will be approved within the next two weeks by the cabinet.
The conference has been postponed four times because of uncertainty over sanctions, as Iranian officials are still working on the model for new contracts.
Iran has said the new contracts would be a major improvement not only on the old buy-backs but also on the contracts rival and neighbor Iraq offered to oil majors during 2000s.
The details of the new contracts have yet to be revealed. Iran says it needs foreign know-how and technology to help develop new oil fields and improve pipeline and refinery infrastructure.
The new date for the London conference has been tentatively set for February 22-24, the organizers said on the website.
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