The IPC Terms Demonstrate a Big Improvement on Iran’s Old Oil Contract Model
Kourosh Ziabari - Iran Review: Iran’s Ministry of Petroleum has recently introduced a new set of contracts for its upstream projects to draw international investment and rehabilitate the country’s injured oil and gas industry. The removal of sanctions placed on Iran over its nuclear program is imminent, and with the implementation of the comprehensive nuclear deal concluded in July 2015, international firms will be once more allowed to invest in Iran’s profitable energy projects. Oil and gas experts believe the new formula for the energy contracts, known as Iran Petroleum Contract (IPC), boasts many enticing provisions and persuasive advantages, including the exclusion of “buyback system” that had been in place for about...
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