Iran to offer advantageous contracts to oil companies

Iran plans to offer international oil companies more advantageous contracts to attract at least $100 billion of investments into development of oil fields in coming three years.

Iran will give up its current contract system, which does not allow foreign companies receiving a share in the  Iranian projects, writes Financial Times referring to Mehdi Hosseini, Advisor of the Iranian Oil Minister.

Hosseini said that a new type of “risk-free” contracts and the detailed information will be announced in London in March 2014. He added that the leading companies “both American and European” will be able benefit from the contracts.

Last week Iran said that it is ready to reduce oil prices, if the sanctions against the country are eased.

Iranian oil export was reduced by more than a half after EU and US have toughened the sanctions in mid-2012 in a response to Tehran’s nuclear program.

In September 2013 Iranian President Hasan Rukhani and US President Barack Obama had a telephone conversation, which revived hope for restoration of diplomatic relations and could lead to growing presence of Iranian oil at the market.

This month the International Energy Agency (IEA) reported that the sanctions will hardly be eased in the near future, reported


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