TEHRAN - Iran has pre-qualified 29 international companies to bid for its oil and gas projects based on the new model of contracts, known as Iran Petroleum Contract (IPC).

Anglo-Dutch Shell, France’s Total, Italy’s Eni, Malaysia’s Petronas, Russia’s Gazprom and Lukoil, Austria’s OMV, Germany’s Wintershall, as well as companies from Spain, Poland, China, Japan, India and some other countries are included in the list, SHANA reported on Monday.

In November 2015, Iran introduced IPC aiming to replace buy-back agreements, offering more flexible terms on oil price fluctuations and investment risks to make the sector more financially attractive.  

The new contracts, which include those in the upstream exploration and development sectors, are expected to attract more than $40 billion in foreign investment. 

Amir Hossein Zamaninia, the Iranian deputy oil minister for international affairs and trade, said in August 2016 that the country will ink new oil contracts worth billions of dollars with renowned foreign companies by the end of the current Iranian calendar year (March 20, 2017).

MG