Iranian government approved a draft on the new rules to enter into petroleum contracts

Almaty. August 3. Silkroadnews – A draft of the new rules to enter into petroleum contracts has been approved by the Iranian government in the course of meeting held on Wednesday under the chairmanship of President Hassan Rouhani, Iranian media reported.

The document on the general terms and conditions, principles and forms of oil and gas contracts has been developed and submitted to the government by the Iranian Ministry of Oil.

The new rules differ dramatically from the previous regulations governing the conclusion of agreements in the oil and gas production field. In particular, there were more than 150 large and small changes made and also four new articles have been added to 11 existing ones. The draft approved by the ministers on Wednesday regulates the rights, duties and responsibilities of the contracting parties, their financial relationships, insurance and many other questions.