Will This Foreign Oil Giant Grab Iran’s First Post-Sanctions Project?

1 Jun 2017   Iran

Iran’s newly-opened oil patch continues to gain momentum. With the UAE’s Emirates National Oil Company saying this week it has paid $4 billion to Iran to settle a tab for crude, built up during the sanctions period . And the coming weeks may bring an even bigger development for this emerging oil hotspot. The award of Iran’s first post-sanctions petroleum contract — representing the first-ever occasion in modern times that projects here will be available on global-scale commercial terms. The CEO of National Iranian Oil Company, Ali Kardor, said early this week that the government will soon issue its first project tender. For the Azadegan oil field, located near Iran’s border with Iraq. Kardor noted the tender for Azadegan will be released by June 2 — with 29 pre-qualified companies reportedly invited to bid. Iran’s oil minister Bijan Zanganeh confirmed the tender. Saying his ministry is finalizing a contract […]

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