A deputy head of National Iranian Oil Company has said that Iran needs to diversify its methods of project financing.

Gholam-Reza Manouchehri said that in addition to National Development Fund of Iran (NDFI) and private companies, international companies could help Iran.

"Besides all these [domestic] capabilities, we need interaction at international level in order to attract capital and technology," he added.

Manouchehri said transfer of technology was a must in upstream projects, adding: "This transfer of technology is under way at several levels, one of which is transferring technology into upstream companies which are partner [to foreign companies]."

He noted that under Irans new model of oil contracts (IPC), ownership of fields would totally belong to Iran.