Iran: Oil Industry Iran to name Foreign Companies Which Can Apply for Tenders In Oil and Gas Projects

Editor: Dominik Stephan

Iran has announced that it will issue a list of international energy companies which are eligible to take part in tenders for the development and reconstruction of the country’s oil and gas industry.

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(Picture: PROCESS)

Dubai/UAE – These bidding will not be open to all foreign enterprises, News agency Reuters states. As the main player on Iran’s upstream market, the state-owned National Iranian Oil Company (NIOC) will preselect a list of favorable partners which “meet its standards”, NIOC director Ali Kardor is quoted.

Foreign companies have to be registered as exploration and production or international oil companies with a rating by Standard & Poor's, Moody's or Fitch, NIOC stated. Tenders will be based on Iran's new oil and gas contracts (IPCs) which are so far unreleased. NIOC is nevertheless discussing the opportunity to develop oil field through buy-backs and epc/epc financing contracts.