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Iran agrees new model for oil contracts

TEHRAN, April 24, 2016

Iran’s government has approved a model for new contracts but it was still being processed by a commission, said the head of Iran's petroleum contracts committee.

Seyed Mehdi Hosseini, asked when the final draft of the contract will be ready and presented, told an oil summit in Paris that the committee he chairs was hoping for June or July.

"We are doing our best to do something in June or July," Hosseini said, adding that the Iranian government had approved the model for the new contract.

Hosseini later told reporters that bidding and negotiations for Iran's oilfields will start in June or July.

"The fields that will come for bidding are mostly big fields," he said, adding that some common fields it shares with other countries would also be open to bidding.

"Bidding will begin in late June or early July," Hosseini said.

He added that the National Iranian Oil Company may also carry out negotiations for some individual projects.

He invited international oil companies to "start sending their interests" on potential projects. Iran hopes to attract international oil companies to invest in its oil sector and boost production with the new contracts.

Ties with Stockholm

Meanwhile, Iran and Sweden are keen to expand cooperation on energy issues, the country’s oil minister was quoted as saying by Iran Daily, which cited Shana.

"Cooperation in the oil sector has been limited in the past," said Bijan Namdar Zanganeh after a meeting with Swedish Energy minister Ibrahim Baylan.

Swedish companies can supply Iran's petroleum industry with the required state-of-the-art machinery, he added.

The minister highlighted that Tehran and Stockholm can cooperate in optimizing energy consumption in the petrochemical industry and production of industrial machinery. – Reuters & Agencies




Tags: Iran | sweden |

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