Philippines’ oil firms meet to develop ties with Iran

Kuala Lumpur, August 10, IRNA – Philippines’s independent oil companies association held a special meeting in presence of Iran’s ambassador to Manila on Monday to consider bilateral cooperation in the fields of energy and oil products import.

In the meeting, Iran’s envoy Ali Asghar Mohammadi explained negotiations process and nuclear agreement between Iran and Group 5+1 and presented details on the outlook of Iran’s oil and gas industry following lifting of sanctions.
Referring to the visit of different oil delegations from world countries to Iran, Mohammadi said Iran in post-sanction era will follow a competitive atmosphere, transfer of modern technology policy, and employment.
He underlined that in this direction Iran will introduce new oil contract models to absorb international investments.
Oil Minister Bijan Zageneh had recently declared that the new model of oil contacts (IPC) will be introduced in coming December in London.
In the meeting, which was in presence of number of senior directors of Philippine oil companies, president of the association welcomed positive development related to nuclear agreement and expressed interests and readiness of Philippines’ companies for establishment of cooperation with Iran in the energy sector.
He said the association with 16 member companies and 47 percent of market share in oil products is interested to hold direct talks with the Iranian side and considers joint cooperation opportunity.
Philippines energy industry privatized in 1990’s and during last two decades local companies expanded their activities and now have almost half of market share in the country.
It is expected that by lifting of west sanctions against Iran, trade between Philippines and Iran in the sector of oil and oil derivatives and petrochemical resumes.