01/04/2017, 13.30
IRAN
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Tehran approves 29 international companies to tender for oil projects

The Petroleum Ministry’s decision follows the establishment of a new standard contract, opposed by conservatives, which allows foreigners to have a share in Iranian companies.

Tehran (AsiaNews/Agencies) – Iran has approved 29 large European and Asian companies for oil and gas projects.

The companies include Russia’s Gazprom and Lukoil, Japan’s Japan Petroleum Exploration and Mitsubishi, China’s CNPC and Sinopec, South Korea’s Korea Gas Corporation and Posco Daewoo, and Malaysia's Petronas.

The Iranian Oil Ministry said that the National Iranian Oil Company will soon hold tenders for energy exploration and production, using the new Iranian Petroleum Contract (IPC), but no date has been set.

Iran hopes that the new contract model will attract foreign investors, boosting production.

The latter was rejected several times because of opposition from conservative groups opposed to President Hassan Rouhani and any arrangement that called into question the principle that foreigners could not have a share in Iranian companies.

A nuclear deal that lifted economic sanctions against Iran opened the door to deals with foreign companies that had left the country.

France’s Total signed an agreement with Tehran in November for a US$ 4.8 billion offshore gas project at South Pars., in the Persian Gulf, becoming the first Western company to return to Iran.

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