Iran to continue buy-back contracts

Iran’s Ministry of Oil has stressed that Iran will continue its buy-back contracts to develop its oil and gas fields. The head of the Ministry’s Public Relations Department Akbar Nematollahi rejected the reports by Reuters on Friday that the Iranian Minister of Oil Bijan Namdar Zanganeh has announced Iran will suspend new contracts with foreign enterprises for one year. He stressed that Iran’s Oil Ministry has never suspended concluding contracts with major oil enterprises to develop Iran’s oil and gas fields. Zanganeh had last week told reporters that Iran sees no need for a rush in signing new oil deals to develop its oil fields given onset of a decrease in world oil demands, but reiterated that concluding new contracts was still on the agenda of the Oil Ministry. Iran is reportedly planning to suspend for one year the award of any major new oil contracts to foreign companies, blaming a decline in world interest in energy investment for the decision.

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