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

Zangeneh rules out barring foreign participation in Iran oil industry

TEHRAN, Feb. 9 (Shana) – Minister of Petroleum Bijan Zangeneh rejected as “illogical” calls for banning participation of foreign firms in Iran’s oil industry stressing that the new petroleum contract models are not a treason to the country.

Replying to a question on the fate of IPC (Iran Petroleum Contract) models during a press conference on Tuesday, he said that petroleum ministry abides by the verification it obtained from the cabinet on implementation of the new models.

Saying that there are no new contracts signed on the basis of the new models yet, the minister said he welcomes healthy criticisms on the mode of execution of such contracts.

“One of the criticisms are directed at Open Capex contracts which were signed by the previous government,” he added.
“Of course, I have no critique about them,” he said referring to the five contracts signed with Iranian and Chinese investors to develop South Azadegan, North Azadegan, Azar, Yadavaran, and Yaran fields.