29 August 2016 - 06:29
  • News Code: 267947
MP: Iran Reviving Status among Oil Exporters

TEHRAN, Aug 29 (Shana) – Member of the Parliament Industries and Mines Committee Ramezanali Sobhanifar says Iran has revived its due status among oil exporters.

Sobhanifar said in the past three years Iran has taken back its main position in the market. 

He added that neighbors such as Saudi Arabia and Qatar daily extract extra oil from joint fields, using latest technology. 

Defending the new model of oil contracts, he said Ministry of Petroleum had drawn it in accordance with public rights.

“Based on the contracts, foreign companies will have 20 to 30 percent profit out of oil extraction and that is not in contradiction with national interests and foreign investment in the country.”

News Code 267947

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