TEHRAN-  Iran will give presentation on its new oil contracts for Russian companies on Monday.

"The presentation will take place in Moscow," an official of Russian Energy Ministry told Sputnik.

In November 2015, Iran introduced a new model of oil contracts, known as Iran Petroleum Contract (IPC), which will replace buy-back agreements. It offers more flexible terms on oil price fluctuations and investment risks to make the sector more financially attractive.  

Ali Kardor, the managing director of the National Iranian Oil Company, has said the country needs $134 billion of investment for upstream oil and gas projects by 2021 to meet the objectives of the country’s Sixth National Development Plan (2016-2021) and with the new contract model it would be possible to reach this figure even sooner.

The official noted that 29 international companies have been prequalified to bid for the country’s oil and gas projects based on the new model of contracts.

According to Oil Minister Bijan Namdar Zanganeh, 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 in the list of companies prequalified for IPC.

MG