ID :
321061
Mon, 03/17/2014 - 17:51
Auther :

Iran Ready To Show More Flexibility In Oil Contracts: Official

Tehran, March 17, IRNA - A senior Petroleum Ministry official in international affairs voiced Iranˈs readiness to practice an unprecedented level of flexibility in oil contracts with foreign companies and put forward more appealing deals. Deputy Oil Minister for International and Trade Affairs Ali Majedi added that Iran is resolved to offer contracts with more appealing articles for foreign dealers, Shana News Agency reported on Monday. He reiterated that Tehran welcomes foreign contractors to seal deals for expansion of the countryˈs petroleum fields in the Caspian Sea. He called on reputable international oil companies to enter the Caspian sea fields to expand heavy water drilling and production projects in areas Iran has less experience in. Majedi further underlined the ministryˈs determination to revive crude oil swap mechanisms, adding that the ministry has invited major firms for talks over the issue. Iran’s Oil Ministry has recently unveiled the draft model of its new oil contracts aimed at drawing more foreign companies to develop Iranian hydrocarbon reservoirs. The Iranian Petroleum Contract (IPC) is replacing “buy-back” contracts which are no longer attractive to foreign companies. Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces./end

X