Tehran to Host New Iran Oil Contracts Conference on Nov 28-29: Official

TEHRAN Oct. 25 (Shana) – The conference to unveil Iran’s new oil contracts will be held in Tehran on November 28-29, said an official in the Ministry of Petroleum.

Chairman of Oil Contracts Revision Committee Mehdi Hosseini told Shana that the two-day event will introduce details of the new contract models for domestic and foreign investors.

Earlier, Hosseini announced that a follow-up conference will be also held in London on February 22-24.

“Both events have their exclusive advantages. In the Tehran conference, Iranian companies can have a stronger participation,” he added, “There are no limitations for Iranian and foreign firms to attend the Tehran or London conferences.,”

The London conference was postponed from December 2015 to February 2016 so that it will be held after removal of sanctions, the official said. “With the official lifting of sanctions, foreign firms and investors face no international limitation to take part in the event.”

The Iran Petroleum Contracts (IPC) are expected to be more attractive to investors.

In the wake of nuclear deal in July, Iran has hosted high-ranking officials and corporate executives of major companies from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures.

In September, Minister of Petroleum Bijan Zangeneh welcomed foreign investment in Iran’s energy industry but said the Islamic Republic is interested in the technology transfer by foreign partners.

“More than cash or using the technology, we would like to have their advanced technology to be transferred to domestic companies,” he stressed.