(MENAFN) Aiming to boost production even more into an oversupplied market, Iran approved an outline for a new oil contract model.
In detail, the outline was approved at a cabinet meeting on Wednesday, the official Islamic republic News Agency reported, without saying where it got the information.
Priority will be given to boosting production at jointly owned oil and gas fields, state radio reported, citing Oil Minister Bijan Namdar Zanganeh.
The government wants to lure international oil companies that can make long-term investments worth billions of dollars and bring cutting-edge technology into Iran.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.