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Iran lists 29 companies to bid for oil, gas projects

Staff Writer |
Iran has named 29 companies from number of countries as being allowed to bid for oil and gas projects using the new Iran Petroleum Contract (IPC) model.

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The list of pre-qualified firms included Shell, France's Total, Italy's Eni, Malaysia's Petronas and Russia's Gazprom and Lukoil, as well as companies from China, Austria, Japan and other countries.

Iran hopes its new IPC, part of an effort to sweeten the terms it offers on oil development deals, will attract foreign investors and boost production after years of sanctions.

The Financial Times said BP had opted out of the bidding because of concerns over possible renewed U.S.-Iran tensions after President-elect Donald Trump takes office on January 20.

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