Iran sets priorities for fourth five-year plan

Increasing authority of the Oil Ministry and applying different financial compensation systems in concluding contracts are among the main priorities of the Iranian oil and gas sector in the Fourth Five-Year Economic Development Plan.
The Oil Minister’s Consulter was telling that in the Fourth Five-Year Economic Development Plan the government has granted permission to the oil ministry to conclude participatory contracts in gas and oil recovery projects.

This authority has been disposed to oil and gas sector in order to increase the ability of this sector in meeting the financial needs of the industry, Mohammad Javad Asemipur said. He added that so far the oil ministry was only granted permission for concluding buy-back and finance contracts, but it can also enjoy affecting participatory contracts in the fourth plan for further attraction of foreign investment.
He stressed that should this plan be enforced, the consortiums from foreign and domestic companies would be established, which can help further growth of the oil and gas industry throughout the country.