A new contract model, known as the integrated petroleum contract, will be used for the projects. This model “addresses some of the deficiencies of the old buyback contract and it further aligns the short- and long-term interests of parties involved,” the deputy petroleum minister told the conference.
Iran holds the world’s fourth-largest proved oil reserves, with 158 billion barrels, and the world’s second-largest proved natural gas reserves, with 34 tcm (1,201 tcf), according to the US Energy Information Administration.
The proposals are part of an overall strategy to improve Iran’s industries, particularly oil and gas, metals and automobile, as the country looks to open bilateral trade networks with Europe. At the same conference, Iran’s deputy minister of the economy affairs and finance said that in recent weeks the government had approved $2 billion in projects to be carried out by European companies.
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