When talking about the need to improve contracts and increase the bargaining power and attractiveness of projects, we do not necessarily mean changing the nature of previous approaches, but it means seeking to improve and create win-win situations in the investment sector,” Mohsen Khojasteh-Mehr said on Saturday.
Khojasteh-Mehr stated that oil activities are both capital-intensive and income-generating and that the profitability of activities in this industry is highly dependent on investment.
Stating that the National Iranian Oil Company in the current situation should consider a variety of approaches, the official said: "NIOC has important missions ahead in the next few years, and in this regard, it is necessary to manage the company’s investment and business affairs in coordination with other sectors.
He further underlined the negative impact of the U.S. sanctions on the country’s oil industry, especially with regard to foreign investment in this sector, and said: “When it is not possible to make full use of international capacity, we must maximize our domestic revenues. Fortunately, in recent years, good decisions have been made by the board of directors of the National Iranian Oil Company, which will help complete the industry’s value chain to generate more revenue.”
The NIOC head also stated that the ground must be provided for enterprises active in the downstream sector to invest in the upstream sector.
"When the upstream sector provides feedstock for the downstream sector, so the downstream sector can also participate in the development of that sector, which also has suitable attractions."
The official also emphasized the significance of exporting engineering and technical services, saying: “The export of technical and engineering services must be improved and promoted and we must put serious measures on the agenda in this regard.”