Iran says new oil contracts need more amendments

Reuters

Iran’s new oil and gas contracts will need amendments, its oil minister said after a meeting with the speaker of parliament, adding that the new contracts will
not be sent to the assembly for final approval. The launch of the Iran
Petroleum Contract (IPC) has been postponed several times as hardline rivals of pragmatist President Hassan Rouhani resisted any deal that could end the so-called buy-back system, under which foreign firms were banned from owning stakes in Iranian companies.
Iran’s top authority, Supreme Leader Ayatollah Ali Khamenei, said last month that no new oil and gas contracts for international companies would be awarded without necessary reforms.
Iran’s cabinet approved this month an amended draft for the IPC and sent it to the parliament. However, the latest comments from the oil minister showed the lawmakers and other advisory bodies have asked for more changes.
“Yesterday afternoon we had a meeting with Ali Larijani (the speaker of the parliament) on the new oil contracts in which some issues were raised. It was decided to make some amendments in
the contracts,” Bijan Namdar Zanganeh
was quoted as saying by the parliament’s news agency ICANA.