Iran sets prerequisites for signing contracts with oil giants

Iran sets prerequisites for signing contracts with oil giants

Iran sets prerequisites for signing contracts with oil giants

 

 
Roknodin Javadi outlined Iran’s major expectations of foreign companies eager to participate in development projects of oil and gas industry during the post-sanction era; “Health, Safety and the Environment (HSE) commitment marks the main keyword in cooperation between National Iranian Oil Company (NIOC) and other oil companies.
 
Deputy oil minister said all foreign companies are obliged to have a deep and clear commitment to implementation of HSE standards in the upstream sector of the oil industry’s development contracts; “while respecting the requirements of the HSE, NIOC further expects an increase in the share of Iranian manufacturers in the execution of oil and gas projects,” he asserted.
 
“According to the country’s law, the minimum share of domestic production in oil and gas projects is 51 per cent,” noted Javadi adding “the figure in current projects being undertaken in the country adds up to 65 to 58 per cent thanks to the advancements realized over the past two decades.”

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