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Iran seeks foreign developers for southwest energy reserves
Iran has been advancing legislation to attract foreign investment in the nationâs energy sector. Iranâs parliament has been revising its current law to enable greater foreign participation in crude oil and natural gas projects. Under the legislation, foreign firms would receive greater benefits and revenues from their investment by allowing them to develop oil and gas reserves. Officials said Teheran plans to award a contract to a foreign company by October 2004. (plans change..look at Saddamâs former oil.....) The legislation, part of Iranâs new 2005-10 economic development plan, was meant to develop energy reserves outside the southwestern region. Under the legislation, the state-owned National Iranian Oil Co. would ease restrictions on so-called buy-back agreements, Middle East Newsline reported. So far, companies from India, Malaysia, Spain, and Russia have submitted bids to develop Iranâs North Azadegan, Kushk, and Hosseinieh oil fields under a buy-back arrangement. Officials said Indiaâs ONGC Videsh could receive a 20 percent stake in Kushk and Hosseinieh fields. Posted by: Mark Espinola 2004-07-15 |
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