Iran new oil contracts a win-win deal: Advisor

TEHRAN, Nov. 25 (Shana) – An advisor to Iran’s petroleum minister said the new oil contracts to be unveiled next week in a conference in Tehran are drawn on win-win terms considering tough competition for the development of the region’s oil fields.

“Because of the heavy competition, Iran’s contracts shall be more attractive compared to Iraq’s,” Mansour Moazzemi told Shana prior to convention of the Iran Petroleum Contracts (IPC) Conference on November 28-29.

Saying that the ministry has been entering buy-back contracts which were successful at the time in attracting investment, he added, “However, with developments in the world and current regional conditions, changes had to be made in the previous model.”

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

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

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.

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

A follow-up conference will be held in London on February 22-24.