TEHRAN- “We have made no negotiations with the U.S. companies bout their participation in Iran’s oil projects once the sanctions are removed against the Islamic Republic”, said National Iranian Oil Company (NIOC) Managing Director Rokneddin Javadi.

The official said: “Many foreign companies have announced their readiness to make investment in Iran’s oil sector after removal of the sanctions. Iran welcomes all investors in a competitive condition”, the IRNA news agency reported on Saturday.

Iran introduced its long-awaited new model of oil contracts, known as the Integrated Petroleum Contract (IPC), in a Tehran conference on November 28. 

The IPC will replace buy-back contracts. It is expected to offer more flexible terms on oil price fluctuations and investment risks to make the sector more financially attractive. 

During the two-day Tehran conference, oil executives from European and Asian companies including France’s Total Group, Norway’s Statoil, BP, Shell, Repsol, China’s Sinopec as well as companies from India, Pakistan and Oman, will hear about the details of the new scheme.

Iran says it needs to invest $185 billion in its oil and gas projects over the next five years. 

Addressing the conference, Zanganeh said the IPC would materialize the main objectives of modern technology and efficient management. 

The minister said the ground is even laid for the presence of U.S. companies in the Iranian oil and gas sector. 

“We did not oppose their presence. They can come and use this opportunity,” Zanganeh said, adding that he had not heard of any opposition.  

The minister conditioned the activity of any foreign company in Iran’s oil and gas projects on cooperation with an Iranian exploration and production (E&P) company. 

MA