According to Petroleum Ministry, Rokneddin Javadi added that health, safety and environment (HSE) are the key conditions of Iran’s oil industry’s cooperation with contract parties.

All foreign companies are obliged to fulfill their commitments regarding health, safety and environment transparently and seriously in Iran’s oil industry upstream development contracts, he said, adding that Iranian industrialists should hold a greater share in the implementation of oil and gas projects.

As per the country’s laws, the least share of the local parties in oil and gas projects stands at 51 percent of every oil deal, he said, noting that Iranian parties’ shares account for 65 to 68 percent of the contracts currently being implemented in the country.

Plans are also underway to raise the share of the local participants to 80 percent, Javadi said.

Transfer of know-how is another condition required for the international firms to observe in oil deals with Iran, the official said, noting that if foreign companies are keen on building their needed equipment inside Iran, they will surely be more welcomed.

In joint oil and gas companies, Iranian side can hold even 99 percent stake because Iranian companies have proved their capabilities, Javadi said.

The official also contended that development does not require only development of gas and oilfields; rather suitable infrastructure should also be prepared.

The investors are expected to employ the latest standards and technologies in the development of gas and oilfields, Javadi said, noting that Iranian oil industry’s priority is development of joint gas and oilfields.