New Instructions To Integrate Oil Industry Transactions

Tehran, Sept 30, IRNA – Deputy Oil Minister for Engineering Affairs Seyed Emad Hosseini while pointing to the communication of instructions for supporting domestic production says the new guideline aims at making oil industry transactions more transparent. Speaking to IRNA, he said conditions for domestic and foreign contracts of the oil industry have been integrated and claims of Iranian companies will be calculated on the basis of hard currency rates. Oil Minister Bijan Namdar Zanganeh communicated the instructions on September 27 with an aim of supporting domestic manufacturers and making transactions in the oil industry more transparent. Hosseini added that according to the instructions, in limited tenders companies affiliated to the Oil Ministry are bound to use the lists that have been prepared by the Deputy Office for Engineering Affairs as eligible manufacturers introduced in the vendor list. The official further remarked that on the basis of the instructions in all transactions for the purchase of goods and services conditions should be equal for the competing Iranian and foreign manufacturers. In all transactions of domestic and foreign goods an eligible third person would be present and all claims of the Iranian companies will be calculated on the basis of foreign currency rates and paid in local currency, he said./end