62687
IOOC Improves Contractual Transparency, Cuts Costs
IOOC Improves Contractual Transparency, Cuts Costs

IOOC Improves Contractual Transparency, Cuts Costs

IOOC Improves Contractual Transparency, Cuts Costs

Transparency in contracts with domestic companies operating in the oil and gas industry cut the cost of domestic petroleum projects by 20% in fiscal 2017-2018 compared to the previous year, an official at the Iranian Offshore Oil Company (IOOC) said.
"Openness and transparency in tenders for domestic projects in the oil sector has boosted competition among Iranian companies and cut costs by 20%," Salman Khosravi, IOOC director for contractual affairs said, Mehr News Agency reported on Tuesday.
The projects range from construction and drilling to operational works and services associated with oil and gas projects.
"IOOC saved €120 million ($128 million) in costs of contracts year-on-year while improving the quality of services and products," Khosravi said.
In offshore-related contracts, the state-run IOOC, which is one of the biggest subsidiaries of the National Iranian Oil Company, reduced costs by $54 million year-on-year, Khosravi said.
"We overhauled the mechanism of awarding drilling contracts most of which are capital-intensive," the official said.
He added that most similar projects were awarded through tenders,  a major shift from a hazy and largely ineffective system in which nepotism prevailed and a tiny number of contractors would win the most rewarding contracts without scrutiny or competition.

Short URL : https://goo.gl/IybbBr
  1. https://goo.gl/2yVPTh
  • https://goo.gl/bp2aPR
  • https://goo.gl/Iog4Fa
  • https://goo.gl/x6y4LX
  • https://goo.gl/t39ZSv

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus