Foundations and Legal Status of Buy-Back Contracts in the Oil and Gas Sector with Emphasis on New Petroleum Contract Models
Keywords:
contract, counter-sale, oil, gas, new oil modelsAbstract
Buy-back contracts in the oil and gas sector, like other contracts in the field of foreign investment, possess distinct scopes and legal foundations that are shaped within each country based on existing regulations and bilateral agreements concluded by the contracting parties. However, the central issue that the authors of the present article seek to explore is: What is the legal scope and basis of buy-back contracts in the oil and gas domain within the framework of international law and Iranian legal system? Accordingly, this study, employing a descriptive and analytical method and relying on library sources, investigates the dimensions of the subject. In addressing this issue, it must be noted that the scope and legal basis of such contracts can be examined in accordance with the legislative policies of countries, such as Iranian law, as aligned with Islamic jurisprudence and prevailing legal provisions. In certain cases, however, established judicial practice may also govern the interpretation and application of such contracts. The legal foundations underpinning buy-back contracts and modern petroleum contract models can be identified in elements such as the harmonization and standardization of petroleum contracts, the obligation to provide guarantees for both parties in oil agreements, and the expansion of commercial relations.
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