Iran will present oil contracts terms by September

Almaty. July 14. Silkroadnews – Iran plans to submit a draft law on the admission of foreign investors in the country’s oil and gas fields in next six weeks, Iranian news agency (IrTAG) reports.

The first contract with the foreign company may be signed in 3-4 months, said Iran’s Deputy Oil Minister Amir Hossein Zamani. He added, Iran hopes to attract, at least, $40-50 billion annually into the country’s oil sector over next 5 years.

The deputy minister also explained that the terms of the new type of contracts will require foreign investors to cooperate with local companies. With this, the cooperation process shall be established in such a way to allow the Iranian companies learning from the experience of foreign colleagues. The new contracts validity is expected to make 20-25 years.

To remind, in early July the Iranian authorities have chosen eight companies as local partners for foreign investors. These included Petropars, OIEC, Dana Energy, PetroIran, Mapna Group, Khatam ul-Anbia, IDRO group and Persian Oil and Gas Development Company.

Iranian authorities expect the international oil companies to invest heavily in the country’s oil industry after the international sanctions removal. In November 2015 Iran held an international conference on distribution of new contracts for oil production over 52 fields for representatives of the world’s oil and gas companies, including the Russian ones.