The Iranian Petroleum Contracts: Past, Present and Future Perspectives
Article from: OGEL 2 (2007), in International Contracts
This study analyzes the Iranian petroleum fiscal system from its beginnings to the present, and touches on its future direction. It deals firstly with the evolution of the petroleum contracts in the early concession days, and then analyzes both the Participation Contracts of 1957 and the Service Contracts of 1974. Key features of the Iranian "Buy-Back" Contract, a compromise financial mechanism introduced in the early 1990's and structured by the government to circumvent the constraints of the 1979 Constitution, are discussed at length. Ostensibly, the ...