TEHRAN- Iran will unveil the new model of its oil contracts, known as the Integrated Petroleum Contract (IPC) on October 29-30, according to Seyed Mehdi Hosseini, the head of Iran's Oil Contracts Revision Committee.

He said the conference for unveiling the IPC will be held in Tehran Summit Conference Hall anticipating a vast participation of representatives from some foreign and Iranian companies, in addition to the university professors and economic activists, the Shana News Agency reported.

A number of exhibitions to be attended by the Iranian companies will be also held on the sidelines of the two-day conference, the official announced.

He said activity of Iranian companies besides the foreign ones has been considered in the IPC projects; in a way that the Iranian firms can promote their abilities to evolve into some exporters of oil technology in the world.

Iran’s private sector should take the advantage of this opportunity for introducing itself in the international level, Hosseini noted.

A number of Iran’s oil projects, to be carried out based on the IPC, will be introduced to the foreign investors in Tehran’s conference.

The IPC was first supposed to be unveiled in a December conference in London.

On September 26, Iranian Oil Minister Bijan Namdar Zanganeh said Iran will hold a conference to unveil its new oil contracts in Tehran instead of London. The announcement came after organizers said the London conference had been pushed back to February 2016. 

Zanganeh said the London conference will go ahead so that the companies which miss the event in Tehran could attend it. 

On September 30, National Iranian Oil Company Managing Director Rokneddin Javadi said the U.S. companies may participate in the conference to unveil IPC. 

He said there is no limitation for cooperation with the U.S. companies in the framework of the new contracts. 


Iran is planning to change its oil contract model to allow the international oil companies to participate in all phases of an upstream project, including production.  

Energy officials have said Iran has identified nearly 50 oil and gas projects worth $185 billion up for grab, according to Press TV.

MA