By the end of 2016 Iran can approve a new type of petroleum contracts, expert believes

Almaty. August 24. Silkroadnews – By the end of 2016 Iran may finally approve a new type of petroleum contracts followed by the first deals with foreign companies to be made in the second half of 2017, such an opinion was expressed by Homayoun Falakshahi, analyst at the consulting company Wood Mackenzie, TASS reports.

According to him, the first new contracts oil deliveries can start not earlier than in 2018. He also believes, the new type of contracts would allow Iran to raise its daily crude output by 0.5 million barrels by 2025.

It was reported that in early August the Iranian government approved the draft of the new rules to be applied when entering into petroleum contracts with foreign oil companies.

As Iranian Oil Minister Bijan Namdar Zangeneh said, the project his department prepared changes the terms of putting out tender for the Iranian oil and gas fields development as related to foreign companies.

«These conditions are to contribute to remove distrust (in Iran) and attract foreign investments into the country», the minister said.

According to OPEC, in July 2016 Iran's daily crude output amounted to 3.6 million barrels.