1 January 2017
The Iran Petroleum Contract (IPC) has not yet been published. On 3 August 2016, however, the Cabinet of Ministers passed a resolution to approve the terms, structure and model of the IPC. It was stated that the terms announced at a summit held in Tehran on 28 and 29 November 2015 will be included in the IPC. This client briefing provides a summary of: the key terms and challenges of the buy–back contract as previously used; the key terms of the IPC that have been announced; and the key differences between the two contractual regimes.