Introduction

Such a dramatic change. Since August 2008 - when the call for papers for this issue was announced - oil prices were falling off a cliff in a contraction of unprecedented rapidity reaching its lowest level in just few months. Before the crunch, $147/barrel of Brent oil in July 2008 meant deals could have been done on terms unthinkable in other times. The question of whether the popularity of Iranian buy-back contracts, which are essentially risk-service agreements, was to increase, had the price for oil remained at around the same level, is now passé. Yet, the interest towards Iranian buy-back contracts remained undisturbed.

For this issue we aimed to collect various expert views on Iranian buy-back agreements. In fact, the issue was aimed to become a major reference for those doing research on this topic. We tried to bring together various perspectives and different viewpoints. Moreover, we also expect more papers to be added to this special in the near future (check www.ogel.org to be sure you have the latest version).

Warmest thanks to Michael Bunter for his valuable assistance in reviewing the papers and the publisher for their unfailing support throughout the whole period of preparation of this issue. I wish we could also extend our deepest and sincerest gratitude to Professor Wälde who supported the idea of preparing the special issue of Oil, Gas and Energy Law journal with a focus on buy-back contracts.