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EghtesadOnline: National Iranian Oil Company (NIOC) said in a statement on Monday that the new oil contracts do not envisage ownership right for developers and they will only be paid by NIOC upon completition of the projects.

NIOC said that the new contract model gives no ownership right to developers of oil and gas fields and they shall be remunerated upon completion of the work in kind or in cash, according to IRNA.

NIOC said that the statement was in response to the domestic critics accusing the Iranian Ministry of Petroleum of cementing deals with foreign developers in a way that would loot the country's riches.

Iranian Ministry of Petroleum has modified oil and gas contracts as per the demand made by the Supreme Leader.

NIOC Iran's oil and gas contracts