New Iran petroleum contracts an evolutionary step: Vice-president

TEHRAN, Nov. 28 (Shana) – The new Iran Petroleum Contracts models are not end of the road but an evolutionary measure taken to develop the country’s oil and gas industry, Vice-President for Legal Affairs Elham Aminzadeh said on Saturday.

“Unveiling the new contract models in the oil industry can provide a constructive response to the national concerns arising from the sanctions while being more attractive to the investors,” she told participants of the Iran Petroleum Contracts (IPC) Conference held here.
“It is for years that Iran has been a target of numerous oppressive sanctions and the oil industry’s march to development has been (negatively) affected as the focal point of the sanctions.”

Speaking at the opening session of the two-day event, Aminzadeh stressed sustainable development, sovereign production and maximization of the lifespan of reservoirs similar to other oil-rich countries.
She said such requirements have to be observed and governments shall strive for safeguarding it a God-given blessing.

The IPC conference is 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.