NIOC Official: Iran to Apply New Oil Contract Model
TEHRAN (Tasnim) – Iran is set to develop a new oil contract model in an attempt to attract foreign investors, an official at National Iranian Oil Company (NIOC) said on Wednesday.
"Iran is going to apply a new version of oil contract model in order to make it more attractive for foreign investors, with similar terms to a PSA (production sharing agreement)," said Shahrouz Abolhosseini, petroleum products pricing manager at NIOC, during a business meeting in the South Korean capital on Wednesday, Reuters reported.
"NIOC ... aims to embark on joint ventures with foreign investors and international companies in the oil and gas industry," he added.
The promising prospect of trade with Iran after the conclusion of nuclear talks between Tehran and world powers has prompted many countries to explore the market potential in the Middle East nation.
Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.