IPC Gets the Nod

IPC Gets the Nod

Iran’s new model of oil and gas contracts was approved by the Resistance Economy Headquarters on Tuesday after some amendments, a top government economic advisory body, Reuters reported, citing Fars and Tasnim news agencies as saying on Tuesday.  The Iran Petroleum Contract (IPC) is a cornerstone of the country’s plan to raise crude production through foreign investment. The launch of contracts has been postponed several times as opponents have resisted any deal that could end the buyback system, dating back more than 20 years, under which foreign firms are banned from booking reserves or taking equity stakes in local companies.
Iran’s Supreme Leader Ayatollah Ali Khamenei said this month that no new oil and gas contracts will be awarded without necessary reforms. The approval of the contracts by the Resistance Economy Headquarters comes as Iranian officials say the first deals under the IPC framework will be signed in three months. The body is chaired by the First Vice President Es’haq Jahangiri and several cabinet members, including Oil Minister Bijan Namdar Zanganeh, attend its meetings. The final draft for the contracts must still be approved by the government. 

Short URL : http://goo.gl/rTv4f8
  1. http://goo.gl/aMavrb
  • http://goo.gl/j87H7I
  • http://goo.gl/yANhgm
  • http://goo.gl/FDEPvp
  • http://goo.gl/57xvgz

You can also read ...

Offshore drilling is expensive in a time of relatively low oil prices.
The US administration on Friday said it would offer the...
Egypt to Import LNG   From France
Egyptian Natural Gas Holding Company has arranged for the...
India to Increase Oil Imports From Iran
In April through January, the first 10 months of this fiscal...
UAE Committed to OPEC Output Reduction Deal
The UAE will remain committed to the global oil output...
The national gas network accounts for providing 70% of the country's energy.
In line with efforts to deliver natural gas to far-flung...
SP Phase 13 Ready to Deliver Sweet Gas
The first gas sweetening train in Phase 13 of South Pars Gas...
NPC Subsidiary, Foreign Firms in Scientific Coop.
The Petrochemical Research and Technology Company of Iran...