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Commodities

Zanganeh Defends Iran Petroleum Contracts Amid Domestic Opposition

Guavy AI Editorial Team
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Iran's Oil Minister, Zanganeh, defended the Iran Petroleum Contracts (IPC) in a parliamentary hearing that lasted three hours. He explained amendments made to 15 terms and conditions that were previously criticized by Ayatollah Seyyed Ali Khamenei.

Zanganeh described IPC as an upgrade to buyback contracts, which have been used for over 20 years in Iran's oil industry. The main difference is the remuneration of contractors, which now depends on their performance and production.

The Oil Minister emphasized that foreign contractors will only be paid from the output or profit of the same fields they develop, and if they fail to boost extraction, there will be no payment and the risk is borne by them. He also stressed that Iran retains full ownership rights in IPC.

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