National Iranian Oil Company (NIOC) issued a statement saying that the new oil contract model does not assume any ownership rights for developers who will only be paid upon NIOCs decision at the time the work is done.

The company issued a statement on Monday indicating that the new contract model gives no rights to developers of oil and gas fields and they shall be remunerated upon their work in kind or in cash.

The statement was issued in response to certain domestic critics accusing the Iranian Ministry of Petroleum of cementing deals with foreign developers in a way that would loot the countrys riches.

Iran has defined a new framework for its oil contracts

Iranian Ministry of Petroleum has developed a new model for its oil contracts to sweeten the former contract model, the buyback.