9 August 2016 - 18:08
  • News ID: 266674

NIOC Keen on Implementing IPC, Nothing Can Stop it: CEO

NIOC Keen on Implementing IPC, Nothing Can Stop it: CEO

TEHRAN, Aug 09 (Shana) -- The managing director of National Iranian Oil Company (NIOC) voiced NIOC's seriousness in implementation of the new framework of oil contracts, saying "nothing would hamper the company in this regard."

Speaking on Tuesday, Ali Kardor said oil industry belongs to the Islamic establishment of Iran, saying the outcome of the rise in oil exports will become tangible no sooner than November.

He said development of joint fields is top on the agenda of the country's oil industry, adding given the fact that South Pars gas field's development is almost complete, development of joint fields is considered as a top priority for the country. 

Kardor further estimated that as much as $25b will be invested under the Iran Petroleum Contract (IPC) model by the next 2 years. 

He also said other forms of contracts like EPCF, buyback and direct foreign finances will be used by NIOC for absorbing finances for developing projects.

He said IPC is in fact a new generation of buyback deals, adding the difference is that IPC is more focused on the cooperation of Iranian companies with foreign partners in a bid to transfer technologies to the country. 

"We are serious to implement IPC and will not be stopped in this path because there are no other paths," he added. 

Kardor further said there are no limits for foreign companies' presence in Iran except for American ones that are banned by their own government for presence in Iran. 

The Rouhani administration has endorsed a newly-developed contract model, known as IPC, and the parliament is currently reviewing its terms for final approval. Once the parliament approves of the model, NIOC will start considering them in its new deals. 

News ID 266674

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