Majlis Speaker Endorses IPC

Majlis Speaker Endorses IPCMajlis Speaker Endorses IPC

Majlis Speaker Ali Larijani has endorsed the new model of oil contracts, speaker of the Parliament Energy Commission said on Saturday. Asadollah Gharekhani said a special committee in parliament had approved the conformity of terms and conditions of the new contractual framework, dubbed as the ‘Iran Petroleum Contract’, with Iran’s upstream laws and regulations, IRNA reported.

Outlines of IPC were approved by the government in August shortly after it got the backing of so-called Resistance Economy Headquarters—a top government economic advisory body—after some amendments.

The approval comes as Tehran hopes to hold the first tenders under the new contracts by the yearend. IPC is aimed at attracting foreign companies and investments in Iran’s oil and gas development projects following years of limited or no cooperation with multinationals and inadequate investment due to the international economic sanctions.