Speaking with Shana, Michel said, "We are here to attend the conference for new IPC. We were working in this country for the time we chat because of the sanctions."
"In the meantime we are here to listen. Total is a big oil and gas company; we can do oil; we can do gas," he added.
The contract took two years to be devised by the ministry and be endorsed by the Rouhani administration, and the projects introduced under IPC are hoped to meet a part of Iran's need for developing its oil and gas industry, said Mehdi Hosseini, head of the conference and the official in charge of devising the new contract terms at Iran's Ministry of Petroleum.
But under the IPC, National Iranian Oil Company (NIOC) will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output.
Iranian Minister of Petroleum Bijan Zangeneh has said that Iran welcomes foreign investment in its energy industry, but stresses technology transfer by foreign partners in the new contracts.
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