Iran makes revisions to new model of oil contracts

TEHRAN, Jul. 12 (MNA) – Resistance Economy Headquarters has revised an approved the text of Iran’s new model for oil contracts called Iran Petroleum Contracts (IPC).

A meeting of the Resistance Economy Command Headquarters was held on Tuesday morning in Tehran with President Hassan Rouhani's First Vice President Es’hagh Jahangiri as the chair.

The session dealt with the suggestions proposed by the designated workgroup for analyzing text of new model oil agreements.

Given the Leader’s emphasis on the need for in-depth examination of IPC terms by the Resistance Economy Command Headquarters, the meeting discussed and finalized terms and details of the new contracts after making necessary amendments.

The session was attended by several top-ranking officials including oil, defense, economy and agriculture ministers, vice presidents for parliamentary and executive affairs, science and technology vice president, economic advisor to the president as well as other members of the headquarters.

It was decided that the text of the new oil contracts, which has been approved by the headquarters, will be discussed during a Cabinet session for further processing and final approval.

HA/3711489

News Code 118036

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