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EghtesadOnline: Addressing International Conference on Optimization of Upstream Oil and Gas Contracts, Zamaninia said on Sunday that $185 million project has been devised for the upstream, midstream and downstream oil industries in the next five years and between 40 to 50 billion dollars can thus be lured in annually.

Deputy Minister of Petroleum for International and Commercial Affairs Amir-Hossein Zamaninia said on Sunday that the new model of oil contracts will be finalized in the next five days, ILNA reports.

He said today, the world political economy has undergone changes. 'So, if you care for national interests, we should avoid dealing with legal issues in order to reach agreement with the other party.'

He added that IPC is only an oil contract but the main point is the talks for conclusion of contract should be held.

By the next one and half month, the IPC contract will be finalized and negotiations will start after clearly passing all required procedures.

oil contracts Amir-Hossein Zamaninia