TEHRAN, Nov. 28 (Shana) � The new Iran Petroleum Contracts models are not end of the road but an evolutionary measure taken to develop the country�s oil and gas industry, Vice-President for Legal Affairs Elham Aminzadeh said on Saturday.

�Unveiling the new contract models in the oil industry can provide a constructive response to the national concerns arising from the sanctions while being more attractive to the investors,� she told participants of the Iran Petroleum Contracts (IPC) Conference held here.
�It is for years that Iran has been a target of numerous oppressive sanctions and the oil industry�s march to development has been (negatively) affected as the focal point of the sanctions.�

Speaking at the opening session of the two-day event, Aminzadeh stressed sustainable development, sovereign production and maximization of the lifespan of reservoirs similar to other oil-rich countries.
She said such requirements have to be observed and governments shall strive for safeguarding it a God-given blessing.

The IPC conference is embraced by foreign firms longing for participation in Iran�s oil industry in the post-sanction era.
A follow-up conference will be held in London on February 22-24 after the IPC event in Tehran.

In the wake of nuclear deal reached last July, Iran has been receiving high-ranking officials and corporate executives of major companies including from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures.

By SHANA