Tehran conference to introduce details of new oil contracts: CEO

TEHRAN Oct. 10 (Shana) – Managing Director of the National Iranian Oil Company (NIOC) said details concerning Iran’s new oil contracts will be unveiled to foreign investors and international firms in the upcoming conference to be held in Tehran.

“The Iran Petroleum Contracts (IPC) were recently approved by the government, therefore, it is obvious that their details are not introduced to foreign investors prior to their final endorsement,” Rokneddin Javadi told Shana.
“In the meeting with visiting foreign delegations and companies, general facts about IPCs were explained, in which they expressed their readiness to take part in the conference,” he added.

On whether US companies will take part in the conference too, Javadi said, “It is not clear whether they are coming. Their participation cannot be rule out either.”
“Many major oil firms are reopening their offices in Tehran. The government has not laid down any restriction for the presence of US firms in Iran and cooperation can take place within IPC framework,” the deputy petroleum minister said.

Minister of Petroleum Bijan Zangeneh has said the main conference on introducing Iran’s new oil contracts will convene in the near future in Tehran. “The new oil contracts and the projects to be developed within their scope will be introduced to foreign investors in a conference in Tehran in month of Aban (Oct 23 – Nov 21).”
In September, he welcomed foreign investment in Iran’s energy industry, but said the Islamic Republic is interested in technology transfer by foreign partners. “More than cash or using the technology, we would like to have their advanced technology to be transferred to domestic companies,” he stressed.

In the wake of nuclear deal in July, Iran has hosted high-ranking officials and corporate executives of major companies from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures.