A New Paradigm for Attracting Foreign Investments: Restructuring Investor-State Arbitration for Resolution of Petroleum Disputes: Dynamics of the New Iranian Oil Investment Contract
Article from: TDM 2 (2015), in Arbitration in the Middle East: Expectations and Challenges for the Future
Introduction
(Revised) Iran is a major supplier of petroleum products to global markets. Currently, the country is estimated to contain over 150 billion barrels of proven oil reserves, which is 9.3% of the world’s total, and over 12% of OPEC’s collective stockpile. Iran ranks among the word’s top three holders of both proven oil and natural gas reserves. The strategic location of Iran provides secure transit route for export of oil and gas resources from the Caspian Sea and Persian Gulf to Europe that is currently dependent on Russia for its energy supplies. Iran’s oil and gas sector has suffered ...