Abstract

Nowadays, conducting upstream oil and gas operations without a suitable partner is almost inconceivable. Such cooperation may take the form of either an equity joint venture or a contractual joint venture, the latter not resulting in the creation of a separate legal entity. With regard to recognition and acceptance, equity joint ventures are clearly provided for under Iranian law, falling within "legally established companies" (pursuant to Article 20 of the Commercial Code). However, the prevailing approach in upstream oil and gas operations favors contractual joint ventures ...