Stock market quotes, forex, financial news, forex tools – money-investing.com

Iran is signing the first unique IPC contract with Setad

 Breaking News

Iran is signing the first unique IPC contract with Setad

Iran is signing the first unique IPC contract with Setad
October 04
15:00 2016

On 4 October NIOC, National Iranian Oil Company, is going to sign a unique oil contract, which will be the first of its kind. The type of the contract is called IPC. NIOC will sign it with a local financial institution Setad. This was announced by Ali Cador, Head of the NIOC. One of the most powerful Setad structures is being controlled by the Supreme Leader of Iran and its spiritual leader Ayatollah Ali Khamenei.

An Iranian oil contract (IPC) is a basis of the country’s strategy, which aims to restore the oil production, bringing it to the target of 4 million barrels a day. This was a level of the Iranian production before the sanctions.

The use of this  type of contracts has been delayed for several times. This happened due to the fact that the radical opponents of the Iranian President Hassan Rouhani were against any oil contracts that could destroy the buy-back scheme. This scheme prohibited the players from abroad to buy a share in the Iranian companies.

The news agency Fars is citing the Head of the NIOC Ali Cador: “Today the NIOC is signing an oil contract of the IPC model with Setad Ejraye Farman Emam (Setad) for the second phase of the Yaran field development as well as for the improved methods using of oil production from the field Kupal.”

According to the Iranian news agency Tasnim, IPC contracts are worth $ 2.5 billion.

In July the Iranian Leader Khamenei said that the country would not sign any IPC contract with international companies without carrying out adequate reforms.

According to Cador, neither President nor Minister of Iranian Oil Industry will sign a new type of contracts unless Khamenei endorses.

In the recent past major international oil companies voiced the conditions for returning to Iran: it was a significant reform of the system of buy-back contracts, which had been developed in the 1990s.

Related Articles

7 Comments

  1. Renea Mesia
    Renea Mesia September 21, 01:35

    Wow, superb weblog format! How long have you ever been blogging for? you made blogging look easy. The entire look of your site is wonderful, as well as the content material!

    Reply to this comment
  2. plenty of fish
    plenty of fish November 11, 19:14

    Quality content is the key to interest the visitors to go to see the website, that’s what this website is providing.

    Reply to this comment
  3. plenty of fish
    plenty of fish November 12, 15:00

    You have made some really good points there. I looked on the web for more info about the issue and found most
    people will go along with your views on this web
    site.

    Reply to this comment
  4. coconut oil
    coconut oil November 15, 21:02

    I am in fact grateful to the owner of this website who has shared this fantastic piece of writing at at this time.

    Reply to this comment
  5. edwardo shanahan
    edwardo shanahan November 20, 19:41

    What’s up, yeah this post is really fastidious and
    I have learned lot of things from it on the topic of blogging.
    thanks.

    Reply to this comment
  6. cleveland jacob
    cleveland jacob November 21, 06:57

    I am not sure where you are getting your info, but good topic.
    I must spend a while studying more or working out more.
    Thanks for excellent information I used to be in search of
    this information for my mission.

    Reply to this comment
  7. nicholasseabrook
    nicholasseabrook November 21, 12:49

    Having read this I thought it was rather informative. I appreciate you finding the time and effort to put this short
    article together. I once again find myself
    personally spending a lot of time both reading and posting comments.
    But so what, it was still worthwhile!

    Reply to this comment

Write a Comment