Iran Petroleum Contract approved

Iran

TEHRAN, July 12, 2016 – Iranian government advisory body Resistance Economy Headquarters signed off on the country’s new oil and gas contract on Tuesday, with the draft now ready for government approval, local media reported.

The Iran Petroleum Contract (IPC) is intended to facilitate foreign investment in the country as it emerges from international sanctions. The new IPC removes the ceiling for cost recovery and offers a floating remuneration fee pegged to oil prices, among other things, in an effort to create greater flexibility and lower risks.

According to the National Iranian Oil Company, there are 52 upstream oil and gas projects available in the country that international companies, through joint ventures, could participate in.

Resistance Economy Headquarters advises on the implementation of President Hassan Rouhani’s economic policies.