TEHRAN, Nov. 28 (Shana) - Chairman of Oil Contracts Revision Committee in the Iranian Ministry of Petroleum Mehdi Hosseini who introduced the Iran Petroleum Contract (IPC) at a conference held here on Saturday said the new contract models will help mend Iran�s relations with the industrial world.

Hosseini, who is also secretary of the two-day IPC Conference, said main objectives of the gathering are ��to bring together both the local and international role players to become more familiar with new Iranian Model Contract for oil and gas upstream projects, (introduce) current investments opportunities in Iranian oil and gas sector, and local technical capacities of the Country.�

For development of capacity in oil and gas sector, he added, the concepts considered were �the legal responsibility of the oil and gas sector in the country compliant with the principles of resistive economy, the international responsibility, the economic necessities, and the means for the market expansion and international �effectiveness.�

�New Model of contract is a means for restoration of relations with the industrial world for transfer of proven and advanced technologies and localizing them, absorbing the required funds and capital for development and enhancement of capacities in oil and gas sector, and internationalization of the local capacities,� he added.
He introduced the activities of the committee under his supervision in three phases as follows:

Phase 1 : �Preparation of conceptual Model Contract and present it in the Tehran symposium 2014

Phase 2 : Present the text �in a conference
Phase 3 : Preparation of text of Contract, Drafting the model contract

�In Phase 1, Collection of necessary information and studies, meeting with local organizations for consultation and explanation, and meeting with universities & seminars were carried out,� he added.
About meetings held with International Oil Companies, he said, negotiations were conducted with the following firms:

OMV of Austria, Maersk of Denmark, Total of France, Eni of Italy, Repsal of Spain, Kuwail Energy of Kuwait, Petronas of Malaysia, Lukeoil of Russian Federation, CNPC of China, British Petroleum of UK, British gas of UK, Shell of Netherland, Inpex of Japan, Vintershall of Germany, Mitsui of Japan, and Jogmec of Japan.

�Political and national wills should be secured to support the process,� the official stressed, �Strong, authorized and centralized organization to manage the whole process,� are also required.

Hosseini also referred to �Transparency in all steps to provide maximum confidence and clean business; Active atmosphere in the implementation sides of the projects; and Training both the executives and experts for implementation of projects as well as those who are watching them,� as the requirements for implementation of the new contact models.

By SHANA