With Time Running Out, Iran’s IPC Yet To Get Green Light

With just four months to go before its scheduled unveiling, Iran’s hotly-anticipated new generation of oil contracts is still to receive parliamentary approval.

The framework of a new oil investment contract developed by Iran’s Petroleum Ministry to try and tempt foreign oil companies back into its upstream is yet to be given the final approval by parliament, despite a draft version of the contract having been complete since late last year.

Iran’s new upstream contract, dubbed the Iran Petroleum Contract (IPC), is currently being reviewed by the office of the Vice President for Legal Affairs Elham Aminzadeh, head of the ministry’s upstream contracts revision committee Mehdi Hosseini said this week, before it gets submitted to parliament for final approval. (CONTINUED - 1072 WORDS)