Iran to modify oil contracts amid criticism | Ettelaat International Newspaper

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Iran to modify oil contracts amid criticism

TEHRAN – Minister of Petroleum Bijan Zangeneh says Iran is about to make modifications to its new oil and gas contracts, finalizing which will be a litmus test for a fresh bid to tap the country’s hydrocarbon reserves.
Zangeneh huddled with Parliament speaker Ali Larijani and a number of oil directors on Tuesday to examine the new model known as the Iran Petroleum Contract (IPC) which has been criticized by a number of lawmakers and experts. Critics of the new contract model have drawn parallels with Iran’s oil concessions to the UK under the 1901 D’Arcy Agreement which Iranians believe squandered their national wealth.
After his meeting with Larijani, Zangeneh said “it was decided to make some amendments to the contracts.”


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