TEHRAN- Iranian Oil Minister Bijan Namdar Zanganeh announced on Monday that the process for holding the tender for development of Azadegan oil field has been started and qualified companies will be invited by the end of current Iranian calendar year (March 20), IRNA reported.

“But the tender will not be public and will be limited to only a few companies”, the minister added.

Azadegan is an oilfield Iran shares with Iraq at the western part of Iran’s southwestern region of Karoun.

Iran's first tender based on the country’s new model of oil contract, known as IPC, has been already postponed several times.

OPEC's third-biggest oil producer hopes that IPC will draw foreign companies and boost output after years of under-investment. 

Zanganeh dismissed reports that U.S. President Donald Trump's tough stance against Tehran has made foreign firms more cautious to invest in the energy sector.

"No company has slowed down its negotiations with Iran," Zanganeh was quoted as saying by IRNA.

MA/MG