8 August 2016 - 10:24
  • News Code: 266527
Veep: Oil Contracts Soon to Be Signed

TEHRAN, Aug 08 (Shana) – The First Vice-President Eshaq Jahangiri said on Sunday that oil contracts will soon be signed.

Jahangiri, who was speaking to reporters on the sidelines of the cabinet session, said certain countries that share fields with Iran, try to prevent finalization of contracts of the Iranian party so as to be able to extract oil or gas from Iranian share of the fields.

Jahangiri said that however, Iran will never yield in and definitely oil contracts will soon be signed.

He said The First Vice-President that only in the oil sector, Iran needs billions of dollars of foreign investment.

He quoted Minister of Petroleum Bijan Zanganeh as saying that for the time being, 220 billion dollars worth projects are ready for investment in the oil sector.

He added that about 70 billion dollars investment also need to be invested in the petrochemical sector.

Referring to the oil contracts, he said he had signed the contracts on Saturday.

Jahangiri said the oil related law envisions government passing general conditions of the contract so that Ministry of Petroleum will act within that framework.

Of course there are upstream laws based on which Ministry of Petroleum holds talks with the foreign party and signs contract.
News Code 266527

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