TEHRAN: Iran expects to sign its first oil deal under the new Iran Petroleum Contract (IPC) model within a month, a senior Iranian official said on Thursday. “We expect that very soon, hopefully within a month we will have the first one to be signed,” Deputy Oil Minister Rokneddin Javadi told a conference in Paris.
In January, Iran said 29 companies from more than a dozen countries were allowed to bid for oil and gas projects under the IPC, which Tehran hopes will boost production after years of sanctions. But the IPC model has been delayed several times due to opposition from hardline rivals of President Hassan Rouhani. The IPC model ends a buy-back system dating back more than 20 years under which Iran did not allow foreign firms to book reserves or take equity stakes in Iranian companies.
