Oil Contract

Iranian parliamentary commission to review new oil contracts: MP

TEHRAN (Tasnim) – The Iranian parliament’s Energy Commission plans to further examine a new model of oil contracts with foreign customers, which has recently been approved by the President Hassan Rouhani’s administration, the spokesman for the commission said.

Speaking to the Tasnim News Agency on Friday, Asadollah Qarakhani said the Energy Commission held a meeting with Oil Minister Bijan Namdar Zanganeh and his deputies earlier this week and discussed the new model of oil contracts.

What has been approved in the administration is related to the structure and a general framework for oil contracts, he noted.

There have been some concerns over the oil contracts, the MP said, adding that some people say that the contracts may undermine Iran’s security and national authority but now, it is too early to judge.

Qarakhani also said the members of the Energy Commission plan to hold a meeting with Zanganeh in the near future to discuss these concerns.

Back in July, Iran’s vice-president for legal affairs, Elham Aminzadeh, said Tehran plans to make necessary amendments to the new model of oil contracts in accordance with “national interests”.

In June, Oil Minister Bijan Namdar Zangeneh said the country’s new oil and investment contracts for international firms, known as the Iran Petroleum Contract (IPC), will be launched this summer.

By Tasnim News Agency