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Iran Needs New Financing Methods

(Tuesday, May 09, 2017) 23:18

TEHRAN, May 09 (Shana) -- A deputy head of National Iranian Oil Company has said that Iran needs to diversify its methods of project financing.

Gholam-Reza Manouchehri said that in addition to National Development Fund of Iran (NDFI) and private companies, international companies could help Iran.

“Besides all these [domestic] capabilities, we need interaction at international level in order to attract capital and technology,” he added.

Manouchehri said transfer of technology was a must in upstream projects, adding: “This transfer of technology is under way at several levels, one of which is transferring technology into upstream companies which are partner [to foreign companies].”

He noted that under Iran’s new model of oil contracts (IPC), ownership of fields would totally belong to Iran.