Seyyed Emad Housaini made the remarks in a meeting with auction experts today, adding many Iran’s current laws pertaining to oil industry are old and needs to be changed.
Speaking on the reasons behind excluding awarding some oil industry projects through auctioning, he said the volume of investment in some oil projects is too high hitting 50 billion dollars, adding that using new procedures for financing and awarding the projects is necessary.
He further noted speeding up development of about 24 shared oil and gas is another reason behind ignoring auction law for awarding the projects.
Outdated laws in oil industry should be revised as soon as possible and that is why the government has send a bill to parliament to enact laws, according to deputy minister of petroleum.
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