Iran Delayed Oil and Gas Tenders

Iran Delayed Oil and Gas Tenders

Iranian National Iranian Oil Company (NIOC)’s CEO, Ali Kardor, stated that the country will refocus on oil and gas tenders after the presidential elections, which will be held on the 19th of May, reported Financial Tribune.

Kardor was quoted saying that “The Oil Ministry did all it could to hold the tenders sooner, but amendments to the new model of contracts, particularly those related to the role of local companies in oil projects, delayed the tendering process … [Therefore] the tenders will be held after the presidential election.”

Since the signing of the nuclear deal in 2015 in which Iran agreed to rein in elements of its nuclear program in exchange for partial sanctions relief from the U.S. and the European Union (EU), Iran has been able to double its supplies of oil to the market, informed CNBC.

Such exports could be at risk, should the nuclear agreement – officially known as the Joint Comprehensive Plan of Action (JCPOA) – be weakened or abandoned under the next president.

However, all candidates have vowed to continue abiding by the JCPOA.

Sarah Samir 2786 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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