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Tuesday, 23 August 2016

Iran to start using new oil and gas contract | GulfNews.com

Iran to start using new oil and gas contract | GulfNews.com:

"Iran’s Vice-President Eshaq Jahangiri has told the oil and finance ministries to start using the approved new draft for the Iran Petroleum Contract (IPC) for oil and gas deals, the Oil Ministry’s news agency Shana reported on Monday.
The launch of the IPC has been postponed several times as hardline rivals of President Hassan Rouhani resisted any deal that could end the so-called buy-back system under which foreign firms were banned from owning stakes in Iranian companies.
Oil Minister Bijan Zanganeh attended a parliamentary session on Sunday to answer criticisms of the IPC. He said last week the IPC would need minor amendments but that implementation of its final draft would not need the approval of parliament."



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