Iran’s cabinet approved the latest draft of the country’s oil and gas framework on Wednesday, paving the way for contracts and investment in the Iranian oil and gas sector.
The Iran Petroleum Contract (IPC) replaces the country’s old buy-back model, which was heavily criticised by IOCs for failing to offer sufficient upside to justify investment. The original draft was unveiled to oil companies in December 2015 and has since been revised in response to criticism from figures inside Iran, including the country’s Supreme Leader Ali Khamenei.
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