Zanganeh: Iran’s new oil contract model secures win-win conditions

Iran’s Oil Minister Bijan Namdar Zanganeh says the country’s new oil contract model secures win-win condition for the Iranian oil industry and international companies.

He made the remarks addressing a conference to unveil Iran’s new model of oil contracts, known as Iran Petroleum Contract (IPC), which opened today in Tehran. 

“Iran, today, is different from 20 years ago. Foreign companies who want to invest in Iran should pay attention to this issue. Every foreign company should look for an eligible Iranian partner,” Shana news agency quoted Zanganeh as saying on November 28.

He emphasized the need to develop the downstream oil sector, saying: “Similar to the upstream sector, we are seeking to develop the downstream sector and make investment in refineries and petrochemical units.”

“The model which is being introduced today is not certainly flawless, but it can meet the Iranian oil industry’s developmental needs.”

“However, I think if we are able to attract $25 billion within the framework of the new contract, we will be successful.” 

Many foreign companies, including European and Asian ones, are interested in investing in Iran’s oil projects. However, I cannot say which one is closer to secure a deal.

Referring to the presence of US companies in Iran, he said: “The ground is laid for their presence, but they have difficulties to be present in Iran.”