TEHRAN, May 18 (Shana) -- Chairman of Iran’s Oil Contract Restructuring Committee said the new oil contract model (IPC) helps oil companies fulfill social responsibility in the industry.

Addressing a conference on corporate social responsibility in Tehran on Tuesday, Seyed Mehdi Hosseini said the Iran Petroleum Contract (IPC) is instrumental in fulfilling SR in the the cooperation of foreign oil companies with National Iranian Oil Company (NIOC).

"Implementation of development projects in oil industry by observing SR can reduce costs and risks of both sides," he said.

He said training human resources about SR measures is one of the articles of IPC especially for training local residents of where oil projects are being carried out.

Iran opened the Corporate Social Responsibility Conference in Petroleum Industry on Tuesday, May 17, 2016.

Iranian Minister of Petroleum Bijan Zangeneh, Minister of Health Hassan Ghazizadeh Hashemi, Deputy Petroleum Minister Kazem Vaziri Hamaneh, and a number of other senior Iranian energy and government officials attended the opening ceremony of the event at the conference hall of Research Center of Petroleum Industry (RIPI).

By SHANA