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Investment Restrictions Prevent Attaining Rights in Joint Fields

Source: Shana 8/22/2016, Location: Asia

Member of the Parliament’s National Security and Foreign Policy Committee, Ali Najafi, says investment restrictions prevent Iran from attaining its rights in the joint fields.

Najafi made the remark in an interview with Shana as Minister of Petroleum, Bijan Zanganeh, briefed the parliament closed-door session on Sunday about the new model of oil and gas contracts, which will replace the former buy-back deals.

Najafi said any failure to absorb capital and new technology will deprive the country of any chance to extract from joint fields.

He focused on the Minister of Petroleum’s Parliament address on Sunday and said he had underlined all measures that justify the contracts.

He said attraction of capital is necessary for development of the country’s infrastructures, affording effective help for promotion of the oil industry and the mega projects on the ministry’s agenda.

The MP said certain neighbors use foreign investment and new technologies, and are busy exploiting joint fields. So, any move that will restrict investment and application of new technologies will leave the country with no opportunity to embark on recovery of reserves in joint fields, he added.

Under the Sixth Five-Year Economic Development Plan (2016-2021) and also government plan for economic vibrancy and elimination of recession, the opportunity of joint field recovery should be used, thus gaining the country’s right, he added.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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