Tehran oil contracts conference

Iran petroleum contracts to safeguard national interests: Oil union member

TEHRAN, Dec. 23 (Shana) – A board member of the Iranian Oil, Gas, Petrochemical Products Exporters’ Association (OPEX) is upbeat over Iran Petroleum Contracts (IPC) saying the new contract models are outlined taking into account serving the national interests.

“They entail numerous benefits for both Iranian and foreign firms and many companies overseas have welcomed them,” Hamid Hosseini told Shana on Wednesday.

Commenting on Tuesday’s meeting between Petroleum Minister Bijan Zangeneh and members of the Tehran Chamber of Commerce, he said, “Given the restraints due to plummeting global oil prices, the ministry’s performance is positive and shows that it has a planned schedule.”

“Despite of the falling oil prices in the last two years, the ministry has played a major role in the country’s economic development,” he added.

The oil union member also said that the fall in crude oil prices can lead to the integration of public and private sectors. “When government’s incomes reduce, it can undoubtedly result in closer ties between government and the private sector and enhanced cooperation.”