Iran to Pay Oil Companies Larger Fees in 20-Year Contracts
- Country needs $100 billion to rebuild oil and gas industry
- International companies to get higher fees to raise output
This article is for subscribers only.
Iran will pay foreign oil companies larger fees than it did under previous buy-back contracts to attract $100 billion of investments needed to rebuild its energy industry.
The Persian Gulf state, once OPEC’s second-largest crude producer, will also offer 20-year contracts on oil and natural gas projects, Roknoddin Javadi, managing director of state-run National Iranian Oil Co., said in an interview in Tehran.