By-law Passed on Supporting Development of Downstream Oil Industries

TEHRAN (Shana) – The Rouhani government cabinet has approved the executive by-law on supporting the development of crude oil and gas condensate industries by tapping public investment.

According to President.ir, the ordinance, which is adopted in line with preventing crude oil sales, boosting non-oil exports and creating high value added in the oil industry, is regulated in such a way that the Iranian Ministry of Petroleum can grant free feedstock to oil and gas condensate processing plants in the first years of operation, hence, creating attractive securities that liquidity holders would prefer to invest in securities rather than bank deposits.

According to this by-law, the Ministry of Petroleum is required to publish the text of the law and bylaws along with the process of submitting an investment request, sample technical and economic feasibility reports, etc. in its website, in order to inform the public to participate in the investment.

News Code 297492

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