What Do You Know About The IPC By-Law?
On 3 August 2016, the Council of Ministers of Iran approved a document described as the by-law governing the IPCs (the “By-law”). It should be noted that the By-law approved is not the Iran Petroleum Contract (the “IPC”). The IPC is still being finalised by the National Iranian Oil Company (the “NIOC”).
The By-law was initially passed by one of Iran’s top economic advisory bodies, namely, “the Resistive Economy Headquarters”, whose main function is to implement the policies approved by the Supreme Leader of Iran aimed at increasing Iran’s economic independence and resilience.
According to media reports, Iran is planning to announce the first round of IPC tender by the end of this year for 10 to 15 oil and gas… (continue here)
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