TEHRAN: Iranian Oil Minister Bijan Namdar Zanganeh stated that the new model of oil contracts, known as the Integrated Petroleum Contract (IPC), will be inaugurated in London December this year.
“New contracts with foreign companies will be drafted based on the IPC framework which I think is more attractive”,Bijan Namdar Zanganeh said.
In August 2014, Mehdi Hosseini, the head of Iran’s Oil Contracts Revision Committee, said the Iran Petroleum Contract would be a longer duration that the previous “buyback” contract.
Western sanctions have cut Iran’s oil exports by more than half to about 1.1 million barrels per day (bpd) from a pre-2012 level of 2.5 million bpd.
In April, Zanganeh said it will take just a few months for the country to increase its oil production to pre-sanction levels.
