TCCIMA meeting addresses challenges hindering private sector involvement in Iran's oil, gas fields
Date
12/23/2024 2:10:33 AM
(MENAFN) The 24th session of the Energy and Environment Committee of the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) was dedicated to addressing the challenges hindering private sector involvement in the development of Iran's oil and gas fields. According to the TCCIMA portal, the discussions highlighted several issues, including the failure to recognize the role of investors in oil contracts, the lack of ownership rights over produced oil, the prolonged process of contract assignment, and the complex bureaucratic obstacles that restrict the participation of the private sector.
Representatives from the Planning and Budget Organization (PBO) and the Ministry of Oil attended the session, where it was agreed to compile a detailed list of challenges and propose reforms to be submitted to the relevant authorities for consideration. This collaborative approach aims to identify practical solutions to improve the business environment for the oil and gas sectors.
Fereydoun Asadi, Vice Chair of the committee, addressed the regulatory issues affecting the oil and gas industry. He referred to Table 8, Article 42 of the Seventh National Development Plan, which outlines energy performance benchmarks, and shared additional insights into the regulatory hurdles that businesses face in the sector. His comments underscored the importance of regulatory reform in fostering a more favorable environment for private investment.
Mehdi Masaeli, another Vice Chair, emphasized the need for the private sector to take a clear and proactive stance when dealing with government agencies. He urged the committee to prioritize solutions to the urgent challenges facing the oil, gas, and environmental sectors. Elina Bagheri, Secretary of the Tehran Exploration and Production Companies Association, provided a report on the upstream oil industry, highlighting significant untapped production potential and identifying the key players in the sector, which include the National Iranian Oil Company and a mix of private, semi-governmental, and state-owned companies.
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