Iran Chamber Member Urges Attractive New Petroleum Contracts


TEHRAN, Nov. 7 (Shana) – Head of the Energy Commission in Iran’s Chamber of Commerce said the new oil and gas contracts which are going to be unveiled in the upcoming conference in Tehran in November are required to be more appealing to foreign investors.

Ali Shams-Ardakani said Iran’s winning card in securing future contracts is the low cost of oil extraction in comparison to fields such as the North Sea.

He urged lawmakers to approve contracts that are more attractive to financiers amid plummeting crude oil prices which have reduced investment incentives and while neighboring Iraq is offering highly fascinating contracts.

“I think role of technology in the new contracts has to be emphasized because lack of investment in modern know-how will bear extra expenses,” he added.

The Iran Petroleum Contract Conference will be held in Tehran on November 27-28 to be followed by the London conference in December.