Managing Director of Iran Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi said Iran’s new model of oil contracts, known as Iran Petroleum Contracts (IPCs), will bring about progress in the country’s enormous oil industry.
“Enforcement of new oil contracts will provide the National Iranian Oil Company (NIOC) with the freedom to opt for the world’s top-notch oil companies while high-ranking oil officials will be able to identify areas which require development,” he continued.
The official, while outlining oil as one major area in the Resistance Economy policy, reiterated “various working groups have been formed in IOTC which indicates the success of the company in the post-JCPOA era.
Volume of Iran’s oil exports climbed to 2.1 million barrels per day in July from one million barrels following the implementation of the Joint Comprehensive Plan of Action (JCPOA) earlier in January.
The 5+1 group began lifting nuclear-related anti-Iran sanctions on January 16, 2016 once the International Atomic Energy Agency (IAEA) announced that Iran had met its JCPOA obligations.