6 More Oil Contracts to Be Signed Soon

“Upstream tenders are to be held; we are ready to receive proposals,” said Manouchehri in an address to the Seminar to Examine Mandates and Challenges Ahead of Partnership Contracts and Financial Mechanisms of Investment in the Oil Industry.

Manouchehri said for the time being, Memoranda of Understanding (MoU) has been signed with about 10 international companies.

He said the new oil contracts envision two major aspects which concern the Iranian and foreign companies.

In the new contracts, Iranian companies can contribute to development of small- and medium-sized fields as main partner or leader, while benefiting from services of foreign companies.

Foreign companies are other side of the coin: They can use Iranian companies as partners, added Manouchehri.