Iran says to put major oil projects up for int'l tender by mid-Oct.

Projects subject to a new Iranian oil contract model, known as Iran Petroleum Contract (IPC), will be put up for international tender by the mid-October, an Iranian energy official was quoted as saying by Tehran Times daily on Wednesday.

Ali Kardor, CEO of the National Iranian Oil Company (NIOC), said that South Azadegan oilfield will be the priority for the first tender.

South Azadegan is one of the five oilfields shared between Iran and Iraq.

Kardor said foreign companies will tender for development of the major oilfields under the IPC, according to Tasnim news agency.

Iranian companies will also be given the chance to make bids for running small and medium-scale oilfields, he added.

Since July 2015, when a nuclear deal was clinched between Iran and world powers to put an end to disputes over Tehran's nuclear issue, the Islamic republic has been negotiating with global companies for the country's oil projects.

In June, Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said that Iran was planning to attract 185 billion U.S. dollars in foreign investment to boost its oil, gas and petrochemicals industries by 2020.

Iran is yet to unveil new contracts to help the country attract finance from Asian and European investors. The new contracts are replacing traditional Iranian "buy-back" contracts which are no longer attractive to foreign companies.

In the new contracts, different stages of petroleum industry, like exploration, development and production, are commissioned in an integrated manner.

Under the contracts, National Iranian Oil Company will set up joint ventures for crude oil production with international companies which will be paid with a share of the output. Endit