Iranian minister calls for attracting foreign investment in mining industry

Speaking in a meeting of Majlis Mine and Mineral Industry Faction attended by Parliament (Majlis) Speaker Ali Larijani, Shariatmadari said Iran is to present a new formula similar to Iran Petroleum Contracts (IPC) model, which is a framework that lays out the basic structure regarding all future petroleum contracts, in the fields of Iran's mining.

He added that if the plan becomes operational within the next two months, more foreign investments will be attracted in mining industry across the country.

The IPC, described as a hybrid model, will replace the buy-back contract. It is being touted as a risk service contract which includes integrated exploration, development and production.

Iran has been working on the IPC for the past two years in order to lure investment to its oil and gas sector. Officials have said the duration of the contract is for 20 years. It includes the fee per barrel that is paid as profit to the companies.

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