Iran’s Petroleum Contract
This working paper will analytically review the terms and structure of Iran’s newly developed petroleum contracts, namely IPCs. It begins with explaining the political economy context within which the previous investment contracts (known as ‘buybacks’) were developed and tries to shed some light on the unknown aspects of buybacks when they were introduced in mid 1990s. The paper then continues to elaborate on the reasons behind the development of IPCs and examine their legal, fiscal and technical terms. Before the discussion ends with some concluding remarks, various political, commercial and market implications of IPCs’ implementation both for foreign and domestic petroleum companies and Iranian authorities will be addressed.