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Iran’s Petroleum Ministry is hoping to win government approval within weeks for a new model of oil investment contract it has developed, as part of the country’s push to attract foreign companies back to its cash and technology-starved oil and gas sector, after almost a decade under international sanctions.
Speaking in Tehran after a cabinet meeting this week, Oil Minister Bijan Zanganeh said he expected the new Iran Petroleum Contract (IPC) to be approved by the government before the end of the current Iranian calendar month of Shahrivar, which ends on 22 September.
“Iran has developed a new generation of oil contract that allows for access to regional and international markets, and paves the way for long-term strategic cooperation with major companies,” the oil minister said. “We are hopeful that this new model of contract will be approved by the government in Shahrivar, after which it will be unveiled.”
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