TEHRAN Sept. 30 (Shana) – The Iranian cabinet approved the Petroleum Ministry’s draft international contracts by endorsing the general terms, organization, and pattern of the new upstream oil and gas documents introduced as Iran Petroleum Contract (IPC).

Increasing of oil and gas production capacity especially in joint fields, adoption of modern procedures, signing contracts with authorized companies in exploration, development, and production from oil and gas fields, and attraction of foreign investment are to be achieved within IPC framework.

Last week, Minister of Petroleum Bijan Zangeneh said the main conference on introducing Iran’s new oil contracts will convene in the near future in Tehran.

“The new oil contracts and the projects to be developed within their scope will be introduced to foreign investors in a conference in Tehran in month of Aban (Oct 23 – Nov 21),” he told Shana.

Saying that venue of the main event which was due to be held in London has been shifted to Tehran, the minister added, “The companies that cannot make it in Tehran, can participate in the subsequent London conference.”

The Tehran event is expected to be embraced by foreign firms longing for participation in Iran’s oil industry in the post-sanction era.

The new contracts called Iran Petroleum Contract (IPC) will be more attractive, Zangeneh said earlier.

In early September, he welcomed foreign investment in Iran’s energy industry, but said the Islamic Republic is interested in technology transfer by foreign partners.

“More than cash or using the technology, we would like to have their advanced technology to be transferred to domestic companies,” he stressed.

In the wake of nuclear deal on July 24, Iran has hosted high-ranking officials and corporate executives of major companies from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures.

By SHANA