Iran’s Minister of Petroleum Bijan Namdar Zanganeh (file photo)

Iran can attract $30b thru new oil contract model: Minister

TEHRAN, Nov. 25 (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said there is the prospect of entering oil investment deals to the tune of 30 billion dollars under the new contracts to be unveiled next week.

“A section of our oil industry’s challenges will be settled by the new contract models,” he told Shana on the verge the upcoming Iran Petroleum Contract (IPC) conference slated for November 28-29 in Tehran.

“The industry faces numerous problems, one of which is the oil contracts model,” he added, “The new contract model will remove part of the problem.”

“It requires related means to secure an idea’s success,” the minister said.

His advisor, Mansour Moazzemi, has said that the new oil contracts to introduced are drawn on win-win terms considering tough competition for the development of the region’s oil fields.

“The new IPC model is on a win-win basis which secures the interests of both parties to the contracts,” he said.

The IPC conference is expected to be embraced by foreign firms longing for participation in Iran’s oil industry in the post-sanction era.

A follow-up conference will be held in London on February 22-24 after the IPC event in Tehran.

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

Zangeneh has said that Iran welcomes foreign investment in its energy industry, but stresses technology transfer by foreign partners in the new contracts.