(MENAFN) Malaysia has been recently deeply discussing future energy cooperation with Iran, as it is being mainly held between Iran's National Iranian Oil Company and Malaysia's Petronas.
Iran has extensively put up incentives and new regulations that target attracting contracts and long-term deals in its rich oil industry, and the most significant effort is its new oil contract mode.
In more detail, this new model is called Iran Petroleum Contract (IPC), and Projects introduced under IPC can hopefully meet a part of Iran's need for evolving its oil industry.
Moreover, IPC is replacing buyback deals, however; under the IPC, NIOC will set up dual schemes for crude oil and gas production with global firms which will be paid with a share of the yield.
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