Regulations on implementation of oil projects approved

September 1, 2019

TEHRAN – The issue of implementing Iran's oil projects by domestic contractors was discussed in the 38th session of the country's Supreme Council of Economic Coordination on Saturday and rules and regulations pertain to the subject were approved by the council.

As reported by Shana, President Hassan Rouhani, Majlis speaker Ali Larijani and Judiciary Chief Hojjatoleslam Ebrahim Raeisi as well as Oil Minister Bijan Namdar Zanganeh attended the council in which various issues were brought up and discussed.

Issues related to reforming the hidden energy subsidy system, reforming and integrating the country’s tax and social security systems, and managing government assets were followed up in this session of the council.

First Vice President Es’haq Jahangiri, Presidential chief of staff Mahmoud Vaezi, Vice President for Economic Affairs Mohammad Nahavandian, Governor of Central Bank of Iran (CBI) Abdolnasser Hemmati, Minister of Finance and Economic Affairs Farhad Dejpasand, Interior Minister Abdolreza Rahmani Fazli, Energy Minister Reza Ardakanian, Head of Iran Planning and Budget Organization (PBO) Mohammad Baqer Nobakht, Mohammad Jafar Montazeri, Iran’s prosecutor general, and a number of MPs attended the session.

Since the reimposition of U.S. sanctions, Iranian oil ministry has been encouraging domestic companies’ presence in its oil and gas projects, both in exploration and in development sectors. 

As there are many blocks waiting for exploration and development, National Iranian Oil Company (NIOC) is seriously following up the plans to lay the ground for the private sector’s contribution.

In late August, NIOC announced that it has introduced 10 major oil and gas exploration projects in the company’s Exploration Directorate.

The previous session of the Supreme Council of Economic Coordination was held on August 10.

EF/MA

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