Oil ministry to unveil new contract models in London

News ID: 2557721 -
TEHRAN, Oct. 08 (MNA) – Iran’s oil minister has said ministry will send the bill to draft new oil contracts to government for approval.

Bijan Namdar Zanganeh told reporters on Wednesday that the ministry also would hold a meeting in London Marriott Hotel County Hall to unveil new projects as investment packages for foreign interested investors during Iran’s oil conference in London.

Zanganeh, who was speaking about the latest developments in upstream oil industry, told reporters that the technical and expert discussions were underway in the ministry to finalize the bill and send it to government to be approved.

Asked whether the bill should be approved by the parliament, he responded that it was not necessary and the government approval would suffice for the bill to take effect.

“London meeting seeks to introduce oil ministry’s new generation of oil deals on projects, and the very fact of unveiling was not a central issue here,” Zanganeh told the press.

In a separate story, Seyed Mahdi Hosseini, the head of committee reviewing oil agreements in the ministry of oil had said last week that a new model of Iran’s Petroleum Contract (IPC) would be unveiled; “if sanctions are removed, London meeting will have unveiling of new model of oil contracts,” he added.

Iran’s oil and gas conference has been scheduled for February 23-25 2015 in London.

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