Rising strong defense in favor of adopting new model of oil contracts, Shams Ardakani said, “This is an inevitable necessity.”

“Today, capital and trade market fluctuations and changes in oil industry are in a matter of hours. So, we cannot follow a fixed formula to foreigners for development of various Iranian fields.”

“In another words, our oil lawyers should compile new oil and gas contracts in tandem with the latest conditions and be allowed to exert changes in them if they deem necessary.”

He said that fortunately, all Iranian oil lawyers are in consensus that the new oil contracts should undergo changes.