New Generation of Oil Contracts Underway
New Generation of Oil Contracts Underway
New generation of contracts will be used in oil industry following completion expertise work and drafting new versions, Iranian minister of petroleum announced, January 10.

New versions of buyback and service contracts in oil industry, Mr. Qasemi said various models of oil contracts could be used in the industry.

On proposed price of oil for the Iranian next year budget, the official said that the exact figure had not been fixed yet.

Qasemi reported of establishment of a fund to support local manufacturers adding the fund has been included in next year budget with the aim of supporting domestically manufacturing.

According to Qasemi by establishment of the fund, 60 to 70 percent of the financial resources of a contract would be paid to local manufacturers as advance payment.

He expressed hope establishment of the fund to be an essential element in supporting domestically manufacturing leading to improving quality of domestically made tools and instruments on the one hand and completing projects on schedule on the other hand.

With the aim of attracting domestic financial resources, we have announced that private sector s financial and credit institutions, private banks and contactors can definitely benefit from investment in oil industry projects, the minister told.

Qasemi went on to say that investment in oil industry had been made attractive by sweetening contracts adding oil industry welcomes foreign investment.