Iran Economy NewsIran delays London oil conference to Feb 2015

Iran delays London oil conference to Feb 2015

-

Reuters: Iran has postponed by three months a conference to offer multinationals the rights to develop oil deposits, giving time for sanctions on the country’s oil sector to be lifted, a senior official said on Monday. “We want to provide for all the companies to participate and we know they will have difficulties before Nov. 24,” Mehdi Hosseini, the head of the Oil Contracts Revision Committee, told Reuters by telephone on Monday.

DUBAI (Reuters) – Iran has postponed by three months a conference to offer multinationals the rights to develop oil deposits, giving time for sanctions on the country’s oil sector to be lifted, a senior official said on Monday.

“We want to provide for all the companies to participate and we know they will have difficulties before Nov. 24,” Mehdi Hosseini, the head of the Oil Contracts Revision Committee, told Reuters by telephone on Monday.

The London conference, previously scheduled for Nov. 3, will take place in late February 2015.

 He expressed hope that Iran would reach a comprehensive nuclear deal with the world powers by the deadline.

Iran and six global powers have given themselves until Nov. 24 to reach agreement on Iran’s nuclear programme whereby Iran would limit its atomic activities. In exchange, the West would lift sanctions that are hurting Iran’s oil-dependent economy.

“American companies have the most problems legally because of the sanctions. We thought it would be better to postpone the conference to provide an opportunity for them and all foreign companies to come back,” he said.

Hosseini said Iran’s new contract, known as the Iran Petroleum Contract (IPC) would be a longer duration that the previous “buyback” contract. Iran will offer more than 20 new projects, a mix of exploration, green and brown fields, he added.

He declined to say which companies Iran had been in talks with until sanctions had been lifted.

“Our model will provide flexibility and can be fitted depending on the project,” he said.

Iran has previously said the new model for oil field development contracts aims to tempt back foreign energy companies with 25-year deals.

(Reporting by Michelle Moghtader and Dmitry Zhdannikov, editing by David Evans)

Latest news

Iran’s 2023 Budget Shrouded In Doubt

On January 22, the Majlis (parliament) approved the draft of the 2023 budget bill proposed by regime president Ebrahim...

Iran: People of Khoy Still Reeling From 5.9-Magnitude Earthquake

An earthquake with a magnitude of 5.9 struck northwest Iran on Saturday, killing at least three people and injuring...

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Must read

Iran expands links with Syrians

International Herald Tribune: Early next year, Syria's first domestically...

U.S. ready to resume Iraq combat role if needed – Odierno

Reuters: The top U.S. military commander in Iraq said...

You might also likeRELATED
Recommended to you