Revised Contracts Not To Neglect Domestic Firms: Oil Minister

Tehran, Feb 24, IRNA - Oil minister Bijan Namdar Zanganeh said a new model of oil contracts, recently put forth by his ministry, would facilitate foreign oil investment, emphasizing that the role of domestic companies has also been taken into account, it was reported on Monday. Speaking with Tasnim News Agency on Sunday, Zanganeh said,ˈThe new oil contracts does not imply the omission of domestic companies, but… the presence of domestic companies along with international ones has been taken into consideration.ˈ He added that increased cooperation with international oil companies could definitely cause Iranˈs oil industry to flourish further. He explained that the updated model of oil contracts are meant to facilitate investment, increase attraction, remove obstacles to the development of oil industry and employ modern technologies for the oilfield development. Tasnim quoted a deputy oil minister who had said on Saturday that Iran has embarked on revision of oil contracts with other countries, noting that the initiative is in line with the countryˈs move to boost interaction with other countries. ˈConcurrent with the onset of (nuclear) negotiations with P5+1, Iran began to revise oil contracts, which signifies Iranˈs interactions with the world in economic and political arenasˈ, Deputy Oil Minister for International and Commercial Affairs Ali Majedi said. ˈWe hope that the world gets the message of Iranˈs interactionˈ, he added. The deputy minister called for a new global approach towards the country and said the worldˈs perception regarding Iran should change and ˈwe should help make this change happenˈ./end