29 Mar 2024
Monday 12 October 2015 - 14:54
Story Code : 184212

Zanganeh urges competent legal offices in post-sanction era

TEHRAN Oct. 12 (Shana) Minister of Petroleum Bijan Zangeneh called for launching reputable legal firms in Iran in the wake of the removal of sanctions saying commercial law in Iran needs to be vitalized.

Iran has had significant progress in the knowledge of law but not an eye-catching success in the business law, he told participants of the Second National Convention on Energy Law in Tehran on Monday.

Referring to the importance of bringing law and oil contracts closer together, Zangeneh said there are three challenges in the field of law and energy.

In the first place, he added, there is no impartial, competent body in the contracts and government still is the final arbiter.

The minister said lack of a proper definition of regulation system and determining the source of investment capital are additional problems faced by the industry.

The two-day Second National Convention of Energy Law opened by Zangeneh is going to discuss and find out ways on removing legal barriers in Irans oil, gas, and petrochemical industry.

The conference aims at facilitating domestic and international operation of the countrys oil and gas industry and also contribute to the performance of the public and private sectors, organizers told Shana.

The energy law convention is being held prior to the convention of twin conferences to introduce Irans new oil contracts to be held in Tehran and London on November 21-22 and February 22-24 respectively.

The London conference was postponed from December 2015 to February 2016 so that it will be held after removal of sanctions.

The Iran Petroleum Contracts (IPC) are expected to be more attractive to investors, officials said.

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, Japan, and France to discuss new cooperation ventures.

By SHANA
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