TEHRAN, May 28 (Shana) -- The latest version of Iran Petroleum Contract(IPC) guarantees transfer of technology to Iran by foreign companies, a senior Ministry of Petroleum official said.

Acting Deputy Minister of Petroleum for Engineering Mohammad Reza Moqaddam made the remarks in a meeting with representatives of exploration & production (E&P) companies.

The latest edition of IPC was updated in a way that guarantees technology transfer to Iran, the official added.

He said that the latest edition of IPC have stronger warranty enforcement for technology transfer.

Moqaddam voiced hope that Iranian companies reach a high position in fields of exploration and production.

Iran's new oil and gas contracts are a cornerstone of its plans to raise crude production to pre-sanctions levels of four million barrels per day (bpd).

The sanctions imposed in 2012 over Iran's nuclear program have lost it billions. Tehran now wants foreign firms to revive its giant but ageing oilfields and develop new oil and gas projects through joint ventures with Iranian partners.

By SHANA