TEHRAN (Sputnik) – Iran reached a landmark deal with the six world powers in July 2015, easing anti-Iran sanctions in exchange for Tehran’s agreement to reduce its uranium stockpiles and significantly cut centrifuges over the next decade and a half.
"The terms of the proposed contracts reach 20 years, with the possibility of extension for five more years," Mahmoud Reza Firoozmand stated.
According to him, each contract consists of eight chapters.
The chapters explain how the future work will be done, specify the term of the contracts, rights and duties of the National Iranian Oil Company and the investors, describe the program of activities as well as financial and accounting issues and shares.
"There are annexes to the contracts, which contain information about the geological work, place of work and coordination," Firoozmand added.
The investing companies will be responsible for the projects funding, he noted.
On Monday, Iranian President Hassan Rouhani said that his country was ready to increase the production and export of energy resources, inviting participants of the Gas Exporting Countries Forum (GECF) to take part in joint projects.
Earlier in November, Iranian Deputy Trade Minister Mojtaba Khosrowtaj stated the country was ready to double its oil exports within three months after sanctions had been lifted.
