New oil contracts to help Iran beat sanctions: minister

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh says the newly developed model of oil contracts, dubbed as Iran Petroleum Contract (IPC), will help the country beat the international sanctions.

The Iranian oil industry will go ahead regardless of the sanctions, the Tasnim News Agency quoted Zanganeh as saying on Saturday.
Iran’s Oil Ministry has recently unveiled the draft model of its new oil contracts aimed at drawing more foreign companies to develop Iranian hydrocarbon reservoirs.
The IPC is replacing “buy-back” contracts which are no longer attractive to foreign companies.
Under a buyback deal, the host government agrees to pay …read more

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