Cabinet ministers ratify new oil, gas draft contracts

Tehran, Aug 3, IRNA – Cabinet ministers on Wednesday ratified a draft on general conditions, structure and models of upstream oil and gas contracts in a meeting attended by President Hassan Rouhani.

During the meeting, the ways for ‘supervising the signing process of oil contracts’ also was discussed.

In line with the guidelines of Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei for paying due attention to the proposals made by the oil experts, the cabinet ministers reviewed the issue in several meetings.

This week, Petroleum Minister Bijan Zangeneh said that once the contracts are ratified, their executive phases would be finalized.