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Date: Wednesday, July 05, 2017
National consensus on new oil contract model; signing of a contract for development of phase 11 offshore

Oil Minister at the signing ceremony of the first international agreement in the form of a new model of oil contracts (IPC) for the development of the offshore part of the South Pars Phase 11, said that today is considered a great day for the Iranian oil industry. He expressed hope that signing the contract would be a new stage for the Iranian oil industry.

"we have come a long erosive path up to now but our decision is to continue our way and ongratulations to all those who worked hard on this contract and I appreciate that this result was achieved during the months of intensive negotiations with hard work and patience" he said.

stating that with great patience we were able to set up a new contractual structure and model that is acceptable for international companies and the possibility of technology transfer, zanganeh said Today there is a national consensus on the new model of oil contracts although there may be some disagreements.

A senior oil ministry official thanking the National Oil Company of China who has been a strategic partner on the hard days with the country said: “After the lifting of the sanctions we will continue our strategic partnership with the Chinese National Company.”

At the end of the day Zanganeh appreciated all those who tried to help us in signing the contract and said that this is the first contract signed in the form of new oil contracts and I emphasize that all necessary steps have been taken to obtain licenses through the National Iranian Oil Company and the Ministry of Oil.

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