Iranian parliament approves buyback projects

The Iranian Majlis (Parliament) approved budgeting $ 22 bn this year for buyback projects shared with neighbouring countries. The amount is allocated in accordance with Iranian law in order to provide a recover of investment costs and a profit from oil production for foreign and domestic companies that participate in the development of oil and gas reserves that are shared with Iran's neighbours.
The budgetary period is based on the Iranian calendar year, which commences in March of this year and ends in March 2003.

There are numerous oil and gas fields that are located on the border between Iran and adjoining countries including the Persian Gulf's giant South Pars Field, which is shared with Qatar (as the North Field), the Forouzan and Esfandiyar Fields which overlap Saudi Arabian territory, the Gonbadli Field shared with Turkmenistan, a number of Caspian fields shared with Azerbaijan, and the Naftshahr Field overlapping Iraqi territory.