‫ﺍﻧﻮﺍﻉ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻧﻔﺘﻲ‬

‫ﻃﺮﺡﻫﺎﻱ ﺑﻴﻊ ﻣﺘﻘﺎﺑﻞ ﻭ ﻓﺎﻳﻨﺎﻧﺲ‬

‫‪۱۸۰‬‬ ‫ﻛﺪ ﻣﻮﺿﻮﻋﻲ‪:‬‬ ‫‪۷۰۴۹‬‬ ‫ﺷﻤﺎﺭﻩ ﻣﺴﻠﺴﻞ‪:‬‬

‫ﻣﻌﺎﻭﻧﺖ ﭘﮋﻭﻫﺸﻲ‬ ‫ﺩﻓﺘﺮ ﭘﮋﻭﻫﺶﻫﺎﻱ ﺯﻳﺮﺑﻨﺎﻳﻲ‬

‫ﻣﺮﺩﺍﺩ ﻣﺎﻩ ‪۱۳۸۳‬‬
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‫ﺍﻧﻮﺍﻉ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻧﻔﺘﻲ‪ ،‬ﻃﺮﺡﻫﺎﻱ ﺑﻴﻊ ﻣﺘﻘﺎﺑﻞ ﻭ ﻓﺎﻳﻨﺎﻧﺲ‬

‫‪۱۸۰‬‬ ‫ﻛﺪ ﻣﻮﺿﻮﻋﻲ‪:‬‬ ‫‪۷۰۴۹‬‬ ‫ﺷﻤﺎﺭﻩ ﻣﺴﻠﺴﻞ‪:‬‬

‫ﺭﻭﺵﻫﺎﻱ ﺍﻧﻌﻘﺎﺩ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻧﻔﺘﻲ‬

‫ﺑﻪ ﻃﻮﺭ ﻛﻠﻲ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﺑﺨﺶ ﻧﻔﺖ ﻭ ﮔﺎﺯ ﺑﻪ ﺳﻪ ﮔﺮﻭﻩ ﺗﻘﺴﻴﻢ ﻣﻲﺷﻮﻧﺪ‪:‬‬
‫ﺍﻟﻒ( ﺭﻭﺵ ﺍﻣﺘﻴﺎﺯﻱ‬
‫ﺏ( ﺭﻭﺵ ﻣﺸﺎﺭﻛﺘﻲ‬
‫ﺝ( ﺭﻭﺵ ﺧﺪﻣﺎﺗﻲ‬

‫ﺍﻟﻒ( ﺭﻭﺵ ﺍﻣﺘﻴﺎﺯﻱ‬

‫ﺩﺭ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﺭﻭﺵ ﺍﻣﺘﻴﺎﺯﻱ ـ ﻛﻪ ﺷﻜﻞ ﺳﻨﺘﻲ ﺁﻥ ﺗﺎ ﻗﺒﻞ ﺍﺯ ﺩﻫﻪ ‪ ٥٠‬ﻣﻴﻼﺩﻱ ﺩﺭ ﺍﻳﺮﺍﻥ ﺍﺟﺮﺍ ﻣﻲﺷـﺪ ـ‬
‫ﺩﺍﻣﻨﻪ ﻭ ﻧﻮﻉ ﺍﻣﺘﻴﺎﺯ ﺑﺮ ﺣﺴﺐ ﻣﻮﺭﺩ ﺗﻐﻴﻴﺮ ﻣﻲﻛﻨﺪ‪.‬‬
‫ﺩﺭ ﺁﻥ ﺯﻣﺎﻥ‪ ،‬ﺳﻬﻢ ﺍﻳﺮﺍﻥ ﺩﺭ ﺍﻳﻦ ﮔﻮﻧﻪ ﻗﺮﺍﺭﺩﺍﺩﻫﺎ ﺑﺎ ﺍﺣﺘﺴﺎﺏ ﻣﺎﻟﻴﺎﺕ ﺩﺭﻳﺎﻓﺘﻲ ﺍﺯ ﺷﺮﻛﺖﻫـﺎ ﻃـﺮﻑ‬
‫ﻗﺮﺍﺭﺩﺍﺩ ﺑﻪ ﺣﺪﻭﺩ ‪ ٧٥‬ﺩﺭﺻﺪ ﻣﻲﺭﺳﻴﺪ‪.‬‬
‫ﺩﺭ ﺍﻳﻦ ﻧﻮﻉ ﻗﺮﺍﺭﺩﺍﺩ ﺷﺮﻛﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭ ﻛﻠﻴﻪ ﻫﺰﻳﻨﻪﻫﺎﻱ ﻣﺮﺑﻮﻁ ﺭﺍ ﺗﻘﺒـﻞ ﻣـﻲﻛﻨـﺪ ﻭ ﺑـﺎ ﭘﺮﺩﺍﺧـﺖ‬
‫ﺣﻖﺍﻻﺭﺽ ﻳﺎ ﺑﻬﺮﻩ ﻣﺎﻟﻜﺎﻧﻪ ﻭ ﺑﺎ ﭘﺮﺩﺍﺧﺖ ﺩﺭﺻﺪﻱ ﺍﺯ ﺩﺭﺁﻣـﺪ ﺧـﺎﻟﺺ ﻣﺨـﺰﻥ ﺑـﻪ ﻋﻨـﻮﺍﻥ ﻣﺎﻟﻴـﺎﺕ‪ ،‬ﺣـﻖ‬
‫ﻣﺎﻟﻜﻴﺖ ﻧﻔﺖ ﺗﻮﻟﻴﺪﻱ ﺭﺍ ﺑﻪ ﺩﺳﺖ ﻣـﻲﺁﻭﺭﺩ‪ .‬ﺳـﭙﺲ ﺍﺯ ﺳـﺎﻝ ‪ ١٩٥٠‬ﻣـﻴﻼﺩﻱ‪ ،‬ﺩﺭ ﻗﺮﺍﺭﺩﺍﺩﻫـﺎﻱ ﺍﻣﺘﻴـﺎﺯﻱ‬
‫ﺗﻐﻴﻴﺮﺍﺗﻲ ﺩﺍﺩﻩ ﺷﺪ ﻭ ﺣﻖ ﺍﻣﺘﻴﺎﺯ ﺑﻪ ﻋﻨﻮﺍﻥ ﺩﺭﺻﺪﻱ ﺍﺯ ﺍﺭﺯﺵ ﺗﻮﻟﻴﺪ ﺗﻌﺮﻳﻒ ﺷﺪ‪ .‬ﺍﻳﻦ ﻧﻮﻉ ﻗﺮﺍﺭﺩﺍﺩﻫـﺎ ﺑـﻪ‬
‫ﺍﺷﻜﺎﻝ ﺩﻳﮕﺮﻱ ﻣﺜﻞ ﺍﻋﻄﺎﻱ ﺍﺟﺎﺯﻩ ﺑﻬﺮﻩﺑﺮﺩﺍﺭﻱ‪ ،‬ﺍﻋﻄﺎﻱ ﭘﺮﻭﺍﻧﻪ ﺑﻬﺮﻩﺑﺮﺩﺍﺭﻱ ﻭ ﺍﺟﺎﺭﻩ ﻧﻴﺰ ﺑﻪ ﻛﺎﺭ ﻣﻲﺭﻭﺩ‪.‬‬
‫ﻗﺮﺍﺭﺩﺍﺩ ﺍﻣﺘﻴﺎﺯﻱ ﺣﺘﻲ ﺍﮔﺮ ﺍﺯ ﻧﻈﺮ ﻗﺎﻧﻮﻧﻲ ﻧﻴﺰ ﺑﻼﻣﺎﻧﻊ ﺑﺎﺷﺪ‪ ،‬ﺍﺯ ﻧﻈﺮ ﺍﺟﺮﺍ ) ﺗﻌﻴﻴﻦ ﻣﻘﺪﺍﺭ ﺣﻖﺍﻻﻣﺘﻴﺎﺯ‬
‫ﻭﺍﮔﺬﺍﺭﻱ ﻳﺎ ﺍﺟﺎﺭﻩﺑﻬﺎ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﻣﺪﺕ ﺑﻬﺮﻩﺑﺮﺩﺍﺭﻱ ﻭ ﺗﻐﻴﻴﺮ ﻗﻴﻤﺖﻫﺎﻱ ﻧﻔﺖ ﻭ ﮔﺎﺯ( ﺑﺎ ﻣﺸﻜﻼﺗﻲ ﺭﻭﺑﻪﺭﻭ‬
‫ﺍﺳﺖ‪ .‬ﺍﺯ ﻃﺮﻓﻲ ﺍﺭﺯﻳﺎﺑﻲ ﻛﺎﺭﺍﻳﻲ ﺍﻗﺘﺼﺎﺩﻱ ﺷﺮﻛﺖ ﺑﻬﺮﻩﺑﺮﺩﺍﺭ ﻧﻴﺰ ﺑﻪ ﺁﺳـﺎﻧﻲ ﻣﻴﺴـﺮ ﻧﻴﺴـﺖ ﻭ ﺗﻀـﻤﻴﻨﻲ‬
‫ﺑﺮﺍﻱ ﺗﻮﻟﻴﺪ ﺻﻴﺎﻧﺘﻲ ﻭﺟﻮﺩ ﻧﺪﺍﺭﺩ‪.‬‬

‫‪ .۲‬ﻗﺮﺍﺭﺩﺍﺩ ﻣﺸﺎﺭﻛﺘﻲ‬
‫ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻣﺸﺎﺭﻛﺘﻲ ﺑﻪ ﺩﻭ ﻧﻮﻉ ﻣﺸﺎﺭﻛﺖ ﺩﺭ ﺗﻮﻟﻴﺪ ﻭ ﻣﺸﺎﺭﻛﺖ ﺩﺭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺗﻔﻜﻴﻚ ﻣﻲﺷﻮﺩ‪:‬‬
‫ﺍﻟﻒ( ﻣﺸﺎﺭﻛﺖ ﺩﺭ ﺗﻮﻟﻴﺪ‪ :‬ﺩﺭ ﺍﻳﻦ ﻧﻮﻉ ﻗـﺮﺍﺭﺩﺍﺩ ﺩﻭﻟـﺖ ﭘﺮﻭﺍﻧـﻪ ﺑﻬـﺮﻩﺑـﺮﺩﺍﺭﻱ ﻭ ﺗﻮﻟﻴـﺪ ﺍﺯ ﺫﺧـﺎﻳﺮ ﺭﺍ ﺑـﺎ‬
‫ﺷﺮﺍﻳﻂ ﺧﺎﺹ ﺑﻪ ﺷﺮﻛﺖﻫﺎﻱ ﻧﻔﺘﻲ ﻭﺍﮔﺬﺍﺭ ﻣﻲﻛﻨﺪ‪.‬‬
‫ﻗﺮﺍﺭﺩﺍﺩﻫــﺎﻱ ﻣﺸــﺎﺭﻛﺖ ﺩﺭ ﺗﻮﻟﻴــﺪ ﺍﺳﺎﺳ ـﹰﺎ ﻣﺸــﺎﺭﻛﺖ ﺩﺭ ﻣﻨــﺎﻓﻊ ﻣﻠــﻲ ﺍﺳــﺖ‪ ،‬ﭘــﺲ ﺳــﻬﻴﻢ ﻛــﺮﺩﻥ‬
‫ﺷﺮﻛﺖﻫﺎﻱ ﺧﺼﻮﺻﻲ )ﭼﻪ ﺩﺍﺧﻠﻲ ﻭ ﭼﻪ ﺧﺎﺭﺟﻲ( ﺩﺭ ﺁﻥ ﺑﺎ ﺗﻮﺟﻪ ﺑـﻪ ﻗـﺎﻧﻮﻥ‪ ،‬ﻣﺠـﺎﺯ ﻧﻴﺴـﺖ‪ ،‬ﺣﺘـﻲ ﺩﺭ‬
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‫ﻣﻮﺍﺭﺩﻱ ﻛﻪ ﻋﺪﻡ ﻣﺎﻟﻜﻴﺖ ﺑﺮ ﻣﺨﺰﻥ ﺑﻪ ﺷﻜﻞ ﻭﺍﺿﺢ ﺩﺭ ﻗﺮﺍﺭﺩﺍﺩ ﺫﻛﺮ ﺷـﻮﺩ‪ .‬ﺩﺭ ﺍﻳـﻦ ﻧـﻮﻉ ﺍﺯ ﻗﺮﺍﺭﺩﺍﺩﻫـﺎ‪،‬‬
‫ﭼﻮﻥ ﻫﺪﻑ ﺷﺮﻛﺖﻫﺎﻱ ﻃﺮﻑ ﻗﺮﺍﺭﺩﺍﺩ ﺍﻓﺰﺍﻳﺶ ﺳـﻮﺩ ﺷـﺮﻛﺖ ﺍﺳـﺖ‪ ،‬ﻛـﺎﺭﺍﻳﻲ ﺗﻘﺮﻳﺒـﹰﺎ ﺑﺎﻻﺳـﺖ ﻭ ﺗﻮﻟﻴـﺪ‬
‫ﺻﻴﺎﻧﺘﻲ ﺩﺭ ﺣﺎﻟﺘﻲ ﻣﺤﻘﻖ ﻣﻲﺷﻮﺩ ﻛﻪ ﺩﻭﺭﺓ ﺯﻣﺎﻧﻲ ﻣﺸﺎﺭﻛﺖ ﻧﺎﻣﺤﺪﻭﺩ ﺑﺎﺷﺪ‪.‬‬
‫ﺏ( ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻣﺸﺎﺭﻛﺖ ﺩﺭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‪ :‬ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻣﺸﺎﺭﻛﺖ ﺩﺭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻧﻮﻉ ﭘﻴﺸﺮﻓﺘﻪﺍﻱ‬
‫ﺍﺯ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻣﺸﺎﺭﻛﺘﻲ ﺍﺳﺖ‪ .‬ﺩﺭ ﺍﻳﻦ ﻧﻮﻉ ﻗﺮﺍﺭﺩﺍﺩ ﻛﺸﻮﺭ ﺻﺎﺣﺐ ﻧﻔـﺖ ﻭ ﺷـﺮﻛﺖ ﻋﺎﻣـﻞ ﺩﺭ ﺳـﻮﺩ ﻭ‬
‫ﺧﻄﺮﭘﺬﻳﺮﻱ ﺳﻬﻴﻢ ﻣﻲﺷﻮﻧﺪ‪ .‬ﺩﺭ ﺍﻳﻦ ﮔﻮﻧﻪ ﻗﺮﺍﺭﺩﺍﺩﻫﺎ ﻛﺸﻮﺭ ﻣﻴﺰﺑﺎﻥ ﺍﻓﺰﻭﻥ ﺑﺮ ﻣﺎﻟﻴﺎﺕ‪ ،‬ﺩﺭﺻﺪﻱ ﺍﺯ ﺳﻮﺩ‬
‫ﻭﺍﻗﻌﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﺍ ﺑﻪ ﺧﻮﺩ ﺍﺧﺘﺼﺎﺹ ﻣﻲﺩﻫﺪ‪.‬‬
‫ﺍﻳﻦﮔﻮﻧﻪ ﻗﺮﺍﺭﺩﺍﺩﻫﺎ ﺍﺯ ﻧﻈﺮ ﻗﺎﻧﻮﻧﻲ ﻭ ﺍﺟﺮﺍﻳﻲ ﻣﺸﻜﻞ ﺧﺎﺻﻲ ﻧﺪﺍﺭﺩ ﻭ ﺩﺭ ﻋﻤـﻞ ﺑـﺎ ﻧﮕـﺎﻩ ﺍﻗﺘﺼـﺎﺩﻱ‬
‫ﻣﻲﺗﻮﺍﻧﺪ ﻛﺎﺭﺍﻳﻲ ﺍﻗﺘﺼﺎﺩﻱ ﺧﻮﺑﻲ ﻧﻴﺰ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪ ،‬ﺍﮔﺮﭼﻪ ﺷﺮﻛﺖ ﻋﺎﻣﻞ ﺳﻌﻲ ﻣﻲﻛﻨﺪ ﻣﻨﺎﻓﻊ ﺧﻮﺩ ﺭﺍ ﺑـﺮ‬
‫ﺍﻫﺪﺍﻑ ﺗﻮﻟﻴﺪ ﺻﻴﺎﻧﺘﻲ ﺗﺮﺟﻴﺢ ﺩﻫﺪ‪ .‬ﺩﺭ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻣﺸﺎﺭﻛﺖ ﺩﺭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺗـﺄﻣﻴﻦ ﻣﻨـﺎﻓﻊ ﻣﻠـﻲ ﺑـﻪ‬
‫ﻫﻨﮕﺎﻡ ﻋﻘﺪ ﻗﺮﺍﺭﺩﺍﺩ ﻗﺎﺑﻞ ﺩﺳﺘﺮﺳﻲ ﺍﺳﺖ‪.‬‬

‫‪ .۴‬ﻗﺮﺍﺩﺍﺩﻫﺎﻱ ﺧﺪﻣﺎﺗﻲ‬
‫ﻗﺮﺍﺭﺩﺍﺩﻫــﺎﻱ ﺧــﺪﻣﺎﺗﻲ ﺑــﻪ ﺩﻭ ﻧــﻮﻉ ﻗــﺮﺍﺭﺩﺍﺩ ﺷــﺎﻣﻞ ﺧﺮﻳــﺪ ﺧــﺪﻣﺎﺕ ﻭ ﺑﻴــﻊ ﻣﺘﻘﺎﺑــﻞ ﺗﻘﺴــﻴﻢ ﻣــﻲﺷــﻮﺩ‪.‬‬
‫ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﺧﺮﻳﺪ ﺧﺪﻣﺎﺕ ﻧﻴﺰ ﺑﻪ ﺩﻭ ﻧﻮﻉ ﻗﺮﺍﺭﺩﺍﺩ ﺗﻘﺴـﻴﻢ ﻣـﻲﺷـﻮﻧﺪ‪ :‬ﺧﺮﻳـﺪ ﺧـﺪﻣﺎﺕ ﺻـﺮﻑ ﻭ ﺧﺮﻳـﺪ‬
‫ﺧﺪﻣﺎﺕ ﺧﻄﺮﭘﺬﻳﺮ‪.‬‬

‫ﺍﻟﻒ( ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﺧﺮﻳﺪ ﺧﺪﻣﺎﺕ‬

‫ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﺧﺪﻣﺎﺗﻲ ﺻﺮﻒ‪ ،‬ﻓﻘﻂ ﺩﺭ ﻓﻌﺎﻟﻴﺖﻫﺎﻱ ﺗﻮﻟﻴﺪﻱ ﻛﺎﺭﺑﺮﺩ ﺩﺍﺭﺩ ﻭ ﺩﺭ ﻓﻌﺎﻟﻴـﺖﻫـﺎﻱ ﺍﻛﺘﺸـﺎﻓﻲ ﺍﺯ‬
‫ﺁﻥ ﺍﺳﺘﻔﺎﺩﻩ ﻧﻤﻲﺷﻮﺩ‪.‬‬
‫ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﺧﺮﻳﺪ ﺧﺪﻣﺎﺕ ﺧﻄﺮﭘﺬﻳﺮ ﻧﺴﺒﺖ ﺑﻪ ﺍﻧﻮﺍﻉ ﺩﻳﮕﺮ ﻗﺮﺍﺭﺩﺍﺩﻫﺎ ﻛﺎﺭﺑﺮﺩ ﻛﻤﺘـﺮﻱ ﺩﺍﺭﺩ ﻭ ﻓﻘـﻂ‬
‫ﺯﻣﺎﻧﻲ ﻛﻪ ﻣﻘﻮﻟﻪ ﺧﻄﺮﭘﺬﻳﺮﻱ ﻣﺪﻧﻈﺮ ﺑﺎﺷﺪ‪ ،‬ﻣﻨﻌﻘﺪ ﻣﻲﺷﻮﺩ‪ ،‬ﺍﻳﻦ ﻧﻮﻉ ﻗﺮﺍﺭﺩﺍﺩﻫﺎ ﺑـﺮﺍﻱ ﺍﻛﺘﺸـﺎﻑ ﻭ ﺗﻮﻟﻴـﺪ‬
‫ﻣﻨﻌﻘﺪ ﺷﺪﻩ ﻭ ﺩﺭ ﺻﻮﺭﺗﻲ ﻛﻪ ﻛﺸﻔﻲ ﺻﻮﺭﺕ ﻧﮕﻴـﺮﺩ‪ ،‬ﻗـﺮﺍﺭﺩﺍﺩ ﺑـﻪ ﺧـﻮﺩﻱ ﺧـﻮﺩ ﻣﻨﺘﻔـﻲ ﻣـﻲﺷـﻮﺩ‪ ،‬ﺩﺭ‬
‫ﺻﻮﺭﺗﻲ ﻛﻪ ﻧﻔﺖ ﻳﺎ ﮔﺎﺯ ﻛﺸﻒ ﺷﻮﺩ‪ ،‬ﻃﺮﻑ ﻗﺮﺍﺭﺩﺍﺩ ﺑﺎﻳﺪ ﺁﻥ ﺭﺍ ﺑﻪ ﻣﺮﺣﻠﻪ ﺗﻮﻟﻴﺪ ﺑﺮﺳﺎﻧﺪ‪ .‬ﺩﺭ ﺍﻳﻦ ﺻﻮﺭﺕ‬
‫ﻛﻞ ﺗﻮﻟﻴﺪ ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﻛﺸﻮﺭ ﻣﻴﺰﺑﺎﻥ ﺍﺳﺖ ﻭ ﺷﺮﻛﺖ ﻋﺎﻣﻞ ﻃﺒـﻖ ﺷـﺮﺍﻳﻂ ﻗـﺮﺍﺭﺩﺍﺩ ﺍﺯ ﻣﺒﻠﻐـﻲ ﻣﻘﻄـﻮﻉ ﺑـﻪ‬
‫ﻋﻨﻮﺍﻥ ﺑﺎﺯﭘﺮﺩﺍﺧﺖ ﺳﺮﻣﺎﻳﻪ ﺑﻪ ﻫﻤﺮﺍﻩ ﺑﻬﺮﻩ ﺧﻄﺮﭘﺬﻳﺮﻱ ﺑﺮﺧﻮﺭﺩﺍﺭ ﻣﻲﺷﻮﺩ‪.‬‬

‫ﺏ( ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﺧﺪﻣﺎﺗﻲ ﺑﻴﻊ ﻣﺘﻘﺎﺑﻞ‬

‫ﺩﺭ ﺍﻳﻦ ﻧﻮﻉ ﻗﺮﺍﺭﺩﺍﺩ ﺷﺮﻛﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭ ﺧﺎﺭﺟﻲ ﻛﻠﻴﻪ ﻭﺟﻮﻩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺜﻞ ﺗﺄﻣﻴﻦ ﺳﺮﻣﺎﻳﻪ‪ ،‬ﻧﺼﺐ‬
‫ﺗﺠﻬﻴﺰﺍﺕ‪ ،‬ﺭﺍﻩﺍﻧﺪﺍﺯﻱ ﻭ ﺍﻧﺘﻘﺎﻝ ﺗﻜﻨﻮﻟﻮﮊﻱ ﺭﺍ ﺑﺮﻋﻬﺪﻩ ﻣﻲﮔﻴﺮﺩ ﻭ ﭘـﺲ ﺍﺯ ﺭﺍﻩﺍﻧـﺪﺍﺯﻱ ﺑـﻪ ﻛﺸـﻮﺭ ﻣﻴﺰﺑـﺎﻥ‬
‫ﻭﺍﮔﺬﺍﺭ ﻣﻲﻛﻨﺪ‪ .‬ﺑﺎﺯﮔﺸﺖ ﺳﺮﻣﺎﻳﻪ ﻭ ﺳﻮﺩ ﺳﺮﻣﺎﻳﻪ ﺷﺮﻛﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭ ﺍﺯ ﻃﺮﻳـﻖ ﺩﺭﻳﺎﻓـﺖ ﻣﺤﺼـﻮﻻﺕ‬
‫ﺗﻮﻟﻴﺪﻱ ﺟﺒﺮﺍﻥ ﻣﻲﺷﻮﺩ‪.‬‬
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‫ﺍﺯ ﺍﻳﻦ ﻧﻮﻉ ﻗﺮﺍﺭﺩﺍﺩ ﺩﺭ ﻛﺸﻮﺭﻫﺎﻳﻲ ﻛﻪ ﻗﻮﺍﻧﻴﻦ ﺁﻥﻫﺎ ﻫﺮﮔﻮﻧﻪ ﻣﺎﻟﻜﻴﺖ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﻳـﺎ ﺧـﺎﺭﺟﻲ‬
‫ﺭﺍ ﺩﺭ ﺻﻨﻌﺖ ﻧﻔﺖ ﻣﻨﺘﻔﻲ ﻣﻲﺩﺍﻧﺪ ﺍﺳﺘﻔﺎﺩﻩ ﻣﻲﺷﻮﺩ‪.‬‬
‫ﺩﺭ ﺍﻳﻦ ﻧﻮﻉ ﻗﺮﺍﺭﺩﺍﺩ‪ ،‬ﺷﺮﻛﺖ ﺗﺎ ﺯﻣﺎﻧﻲ ﻛﻪ ﺟﺒﺮﺍﻥ ﺧﺪﻣﺎﺕ ﺧﻮﺩ ﺭﺍ ﺩﺭﻳﺎﻓـﺖ ﻛﻨـﺪ ﺑـﻪ ﻫـﺪﻑ ﻛـﺎﺭﺍﻳﻲ‬
‫ﺗﻮﺟﻪ ﺩﺍﺭﺩ ﻭ ﺍﻳﻦ ﻣﺴﺄﻟﻪ ﻣﻤﻜﻦ ﺍﺳﺖ ﺑﻬﺮﻩﺑﺮﺩﺍﺭﻱ ﺻﻴﺎﻧﺘﻲ ﺍﺯ ﻣﻨﺎﺑﻊ ﺭﺍ ﺗﺤﺖﺍﻟﺸﻌﺎﻉ ﻗﺮﺍﺭ ﺩﻫﺪ‪.‬‬

‫ﻃﺮﺡﻫﺎﻱ ﺑﻴﻊ ﻣﺘﻘﺎﺑﻞ ﻭ ﻓﺎﻳﻨﺎﻧﺲ ﻧﻔﺖ ﻭ ﮔﺎﺯ‬

‫ﻃﻲ ﺳﻪ ﺳﺎﻝ ﺍﻭﻝ ﺑﺮﻧﺎﻣﻪ ﺳﻮﻡ ﺗﻮﺳﻌﻪ ﺩﺭ ﺑﺨﺶ ﺍﻛﺘﺸﺎﻑ ﻭ ﺗﻮﻟﻴـﺪ ﻧﻔـﺖ ﻭ ﮔـﺎﺯ‪ ،‬ﻧﺰﺩﻳـﻚ ﺑـﻪ ‪ ٤٨‬ﻫـﺰﺍﺭ‬
‫ﻣﻴﻠﻴﺎﺭﺩ ﺭﻳﺎﻝ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺷﺪﻩ ﻛﻪ ‪ ٥١/٧‬ﺩﺭﺻﺪ ﺍﺯ ﻣﻨﺎﺑﻊ ﺩﺍﺧﻠﻲ ﺻﻨﻌﺖ ﻧﻔﺖ‪ ٤٧/٨ ،‬ﺩﺭﺻﺪ ﺍﺯ ﻃﺮﻳـﻖ‬
‫ﺑﻴﻊ ﻣﺘﻘﺎﺑﻞ ﻭ ‪ ٠/٥‬ﺩﺭﺻﺪ ﺍﺯ ﺑﻮﺩﺟﻪ ﻋﻤﻮﻣﻲ ﺗﺄﻣﻴﻦ ﺷﺪﻩ ﺍﺳﺖ‪ .‬ﻫﻤﺎﻥ ﮔﻮﻧﻪ ﻛﻪ ﻣﻼﺣﻈﻪ ﻣـﻲﺷـﻮﺩ ﺳـﻬﻢ‬
‫ﺩﺭﺁﻣﺪ ﻋﻤﻮﻣﻲ ﺩﺭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺑﺨﺶ ﻧﻔﺖ ﻭ ﮔﺎﺯ ﺑﺴﻴﺎﺭ ﻧﺎﭼﻴﺰ ﺑـﻮﺩﻩ ﺍﺳـﺖ ﻭ ﺍﮔـﺮ ﺍﺯ ﻣﻜﺎﻧﻴﺴـﻢﻫـﺎﻱ‬
‫ﺩﻳﮕﺮ ﺗﺄﻣﻴﻦ ﻣﻨﺎﺑﻊ ﺑﻬﺮﻩ ﮔﺮﻓﺘﻪ ﻧﻤﻲﺷﺪ ﺻﻨﻌﺖ‪ ،‬ﻧﻔﺖ ﺑﺎ ﭼﺎﻟﺶ ﺩﺭ ﺯﻣﻴﻨﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻃﺮﺡ ﻫﺎﻱ ﻧﻔﺖ ﻭ‬
‫ﮔﺎﺯ ﻣﻮﺍﺟﻪ ﻣﻲﺷﺪ‪.‬‬
‫ﺩﺭ ﻣﺠﻤﻮﻉ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﺑﻴﻊ ﻣﺘﻘﺎﺑﻞ ﻭ ﻓﺎﻳﻨﺎﻧﺴﻲ ﻛﻪ ﺗﺎﻛﻨﻮﻥ ﻣﻨﻌﻘﺪ ﺷﺪﻩ‪ ،‬ﭘﻴﺶﺑﻴﻨﻲ ﺷﺪﻩ ﻛﻪ ﻇﺮﻓﻴـﺖ‬
‫ﺗﻮﻟﻴﺪ ﻧﻔﺖ ﺧﺎﻡ ‪ ٨٩٠‬ﻫﺰﺍﺭ ﺑﺸﻜﻪ ﺩﺭ ﺭﻭﺯ‪ ،‬ﻇﺮﻓﻴﺖ ﺗﻮﻟﻴﺪ ﮔـﺎﺯ ‪ ٢٧٢‬ﻣﻴﻠﻴـﻮﻥ ﻣﺘـﺮ ﻣﻜﻌـﺐ ﺩﺭ ﺭﻭﺯ‪ ،‬ﺗﻮﻟﻴـﺪ‬
‫ﻣﻴﻌﺎﻧﺎﺕ ﮔﺎﺯﻱ ‪ ٤٠٥‬ﻫﺰﺍﺭ ﺑﺸﻜﻪ ﺩﺭ ﺭﻭﺯ ﻭ ﻇﺮﻓﻴﺖ ﺗﻮﻟﻴﺪ ﮔﺎﺯ ﻣﺎﻳﻊ ﺭﺍ ‪ ٤/٥‬ﻣﻴﻠﻴﻮﻥ ﺗﻦ ﺩﺭ ﺳـﺎﻝ ﺍﻓـﺰﺍﻳﺶ‬
‫ﻳﺎﺑﺪ‪.‬‬
‫ﺗﺎ ﭘﺎﻳﺎﻥ ﺳﺎﻝ ‪ ١٣٨٢‬ﺟﻤﻌﹰﺎ ‪ ١٩‬ﻗﺮﺍﺭ ﺩﺍﺩ )ﺟﺪﻭﻝ ﭘﻴﻮﺳـﺖ( ﺑـﻪ ﺭﻭﺵ ﺑﻴـﻊ ﻣﺘﻘـﺎﻝ ﻭ ﻓﺎﻳﻨـﺎﻧﺲ ﺑـﺮﺍﻱ‬
‫ﺍﺟﺮﺍﻱ ﻃﺮﺡﻫﺎﻱ ﻣﺨﺘﻠﻒ ﺗﻮﺳﻌﻪ ﻣﻴﺪﺍﻥﻫﺎﻱ ﻧﻔﺘﻲ ﻭ ﮔﺎﺯﻱ ﻣﻨﻌﻘﺪ ﺷﺪﻩ ﺍﺳﺖ‪ .‬ﺑﺎ ﺗﻮﺟـﻪ ﺑـﻪ ﮔـﺰﺍﺭﺵﻫـﺎﻱ‬
‫ﺭﺳﻤﻲ‪ ،‬ﻣﺠﻤﻮﻉ ﺳﻘﻒ ﺗﻌﻬﺪ ﺷﺪﻩ ﺑﺮﺍﻱ ﺑﺎﺯﭘﺮﺩﺍﺧـﺖ ﺍﻳـﻦ ‪ ١٩‬ﻃـﺮﺡ ﺗـﺎ ﭘﺎﻳـﺎﻥ ﺳـﺎﻝ ‪ ١٣٨٢‬ﺣـﺪﻭﺩ ‪٣٢/٢‬‬
‫ﻣﻴﻠﻴﺎﺭﺩ ﺩﻻﺭ ﺍﺳﺖ‪ .‬ﻣﺒﻠﻎ ﻣﻮﺭﺩ ﺗﻌﻬﺪ ﭘﻴﻤﺎﻧﻜﺎﺭﺍﻥ ﺩﺭ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﻇﺮﻓﻴﺖﻫﺎﻱ ﺩﺍﺧﻠﻲ ﺍﻳـﻦ ﻃـﺮﺡﻫـﺎ ﺣـﺪﻭﺩ‬
‫‪ ٨/٩‬ﻣﻴﻠﻴﺎﺭﺩ ﺩﻻﺭ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺴﺘﻘﻴﻢ ﺍﻳﻦ‪ ١٩‬ﻃﺮﺡ ﺣﺪﻭﺩ ‪ ١٨‬ﻣﻴﻠﻴﺎﺭﺩ ﺩﻻﺭ ﺍﺳﺖ‪ .‬ﺑﺎﺯﭘﺮﺩﺍﺧﺖ ﻣﺒﺎﻟﻎ‬
‫ﺗﻌﻬﺪ ﺷﺪﻩ ﺍﺯ ﻣﺤﻞ ﻣﻴﻌﺎﻧﺎﺕ ﮔﺎﺯﻱ ﻭ ﺣﺪﺍﻛﺜﺮ ‪ ٦٠‬ﺩﺭﺻﺪ ﻧﻔﺖ ﺧـﺎﻡ ﺗﻮﻟﻴـﺪﻱ ﺁﻥﻫـﺎ ﺻـﻮﺭﺕ ﻣـﻲ ﮔﻴـﺮﺩ‪.‬‬
‫ﺍﻃﻼﻋﺎﺕ ﺣﺎﻛﻲ ﺍﺳﺖ ﻣﺒﻠﻎ ﺑﺎﺯﭘﺮﺩﺍﺧﺖ ﺷﺪﻩ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻓﻮﻕ ﺣﺪﻭﺩ ‪ ٧‬ﻣﻴﻠﻴﺎﺭﺩ ﺩﻻﺭ ﺑﻮﺩﻩ ﺍﺳﺖ‪.‬‬
‫ﺑـﺎ ﺗﻮﺟــﻪ ﺑــﻪ ﻣﺤـﺪﻭﺩﻳﺖﻫــﺎﻱ ﻣﻮﺟــﻮﺩ ﺩﺭ ﻗــﻮﺍﻧﻴﻦ ]ﺍﺻـﻞ )‪ (٤٥) ،(٤٤‬ﻗــﺎﻧﻮﻥ ﺍﺳﺎﺳــﻲ ﺩﺭ ﻣــﻮﺭﺩ‬
‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﺎﺭﺟﻲ‪ ،‬ﻗﻮﺍﻧﻴﻦ ﻧﻔﺖ ﻣﺼﻮﺏ ﺳﺎﻝ ‪ ١٣٥٣‬ﻭ ‪ ١٣٦٦‬ﻛﻪ ﻫﺮ ﮔﻮﻧﻪ ﻗﺮﺍﺭﺩﺍﺩ ﻣﺸﺎﺭﻛﺖ ﺭﺍ ﻛـﻪ‬
‫ﻣﻨﺠﺮ ﺑﻪ ﻣﺎﻟﻜﻴﺖ ﺧﺎﺭﺟﻴﺎﻥ ﺑﺮ ﻣﻨﺎﺑﻊ ﻭ ﻧﻴﺰ ﻣﺎﻟﻜﻴﺖ ﻧﻔﺖ ﺍﺳﺘﺤﺼﺎﻟﻲ ﺑﺮ ﺳﺮ ﭼﺎﻩ ﺭﺍ ﻣﻤﻨﻮﻉ ﺍﻋﻼﻡ ﻛﺮﺩﻩ ﻭ‬
‫ﺗﻨﻬﺎ ﺧﺮﻳﺪ ﺧﺪﻣﺖ ﺑﺮﺍﻱ ﺍﻛﺘﺸﺎﻑ ﺗﻮﺳﻌﻪ ﻭ ﺗﻮﻟﻴﺪ ﺭﺍ ﻣﺠﺎﺯ ﺩﺍﻧﺴﺘﻪ ﺍﺳـﺖ[ ﻣﻜﺎﻧﻴﺴـﻢ ﺑﻴـﻊ ﻣﺘﻘﺎﺑـﻞ ﻣـﻮﺭﺩ‬
‫ﺗﻮﺟﻪ ﻗﺮﺍﺭ ﮔﺮﻓﺘﻪ ﺍﺳﺖ ﻭ ﺑﺮ ﺍﻳﻦ ﺍﺳﺎﺱ ﻗﺮﺍﺭﺩﺍﺩ ﻃﺮﺡﻫﺎﻱ ﻓـﻮﻕﺍﻟـﺬﻛﺮ ﺑﺮﺍﺳـﺎﺱ ﺗﺴـﻬﻴﻼﺕ ﻣﻨـﺪﺭﺝ ﺩﺭ‬
‫ﻗﺎﻧﻮﻥ ﺑﺮﻧﺎﻣﻪ ﺩﻭﻡ ﻭ ﺳﻮﻡ ﺗﻮﺳﻌﻪ ﻭ ﻗﻮﺍﻧﻴﻦ ﺑﻮﺩﺟﻪﻫﺎﻱ ﺳﺎﻝ ‪ ١٣٧٧‬ﺗﺎ ﺳﺎﻝ ‪ ١٣٨٣‬ﻣﻨﻌﻘﺪ ﺷﺪﻩ ﺍﺳﺖ‪.‬‬
‫ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﺑﻴﻊ ﻣﺘﻘﺎﺑﻞ ﻧﺴﺒﺖ ﺑﻪ ﺳﺎﻳﺮ ﻗﺮﺍﺭﺩﺍﺩﻫﺎ‪ ،‬ﻓﺮﺍﻳﻨﺪ ﺯﻣﺎﻧﻲ ﻛﻮﺗﺎﻫﻲ ﺭﺍ ﻃﻲ ﻣـﻲﻛﻨـﺪ‪ .‬ﭘـﺲ ﺍﺯ‬
‫ﺍﺭﺯﻳﺎﺑﻲ ﺍﻭﻟﻮﻳﺖ ﺗﻮﺳﻌﻪ ﻭ ﺑﻬﺮﻩﺑﺮﺩﺍﺭﻱ‪ ،‬ﻫﺰﻳﻨﻪ ﺗﻘﺮﻳﺒﻲ ﻃـﺮﺡ ﺑـﺮﺁﻭﺭﺩ ﻣـﻲﺷـﻮﺩ‪ .‬ﺳـﭙﺲ ﺷـﺮﻛﺖ ﻧﻔـﺖ‬
‫ﮔﺰﺍﺭﺵ ﻓﻨﻲ ﺭﺍ ﺗﻨﻈﻴﻢ ﻭ ﺍﺯ ﻃﺮﻳﻖ ﻫﻤﺎﻳﺶ ﺁﻥ ﺭﺍ ﺑﻪ ﻣﻨﺎﻗﺼﻪ ﺩﺍﺧﻠﻲ ﻭ ﺑﻴﻦﺍﻟﻤﻠﻠﻲ ﻣﻲﮔﺬﺍﺭﺩ‪ .‬ﭘﻴﺸـﻨﻬﺎﺩﻫﺎﻱ‬
‫ﺩﺭﻳﺎﻓﺖ ﺷﺪﻩ ﭘﺲ ﺍﺯ ﺍﺭﺯﻳﺎﺑﻲ ﺩﺭﺟﻪﺑﻨﺪﻱ ﺷﺪﻩ ﻭ ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﻛﻤﻴﺴﻴﻮﻥ ﻣﻌـﺎﻣﻼﺕ ﻭﻳـﮋﻩ ﻃـﺮﺡﻫـﺎﻱ ﺑﻴـﻊ‬
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‫ﻣﺘﻘﺎﺑﻞ ﺩﺭ ﻭﺯﺍﺭﺕ ﻧﻔﺖ ﻗﺮﺍﺭ ﻣﻲﮔﻴﺮﺩ‪ .‬ﻭ ﺑﺎ ﺗﺼﻮﻳﺐ ﻫﻴﺄﺕ ﻣﺪﻳﺮﻩ ﺷﺮﻛﺖ ﻧﻔﺖ ﺁﻥ ﺭﺍ ﺩﺭ ﺷﻮﺭﺍﻱ ﻧﻈـﺎﺭﺕ‬
‫ﺑﺮ ﻃﺮﺡﻫﺎﻱ ﺑﻴﻊ ﻣﺘﻘﺎﺑﻞ )ﺷﺎﻣﻞ ﺳﻪ ﻧﻔﺮ ﻧﻤﺎﻳﻨﺪﮔﺎﻥ ﻣﺠﻠـﺲ‪ ،‬ﻣﻌﺎﻭﻧـﺎﻥ ﻭﺯﺍﺭﺕ ﺍﻣـﻮﺭ ﺍﻗﺘﺼـﺎﺩ ﻭ ﺩﺍﺭﺍﻳـﻲ‪،‬‬
‫ﺍﻣﻮﺭ ﺧﺎﺭﺟﻪ‪ ،‬ﺻﻨﺎﻳﻊ ﻭ ﻣﻌﺎﺩﻥ‪ ،‬ﻧﻔﺖ ﻭ ﻧﻤﺎﻳﻨﺪﻩ ﺳﺎﺯﻣﺎﻥ ﻣﺪﻳﺮﻳﺖ ﻭ ﺑﺮﻧﺎﻣﻪﺭﻳﺰﻱ ﻛﺸﻮﺭ ﻭ ﻧﻤﺎﻳﻨﺪﻩ ﺭﺋﻴﺲ‬
‫ﺟﻤﻬﻮﺭ( ﻣﻄﺮﺡ ﻣﻲ ﻛﻨﻨـﺪ‪ .‬ﺳـﭙﺲ ﺑـﺎ ﻣﻮﺍﻓﻘـﺖ ﻛﻤﻴﺴـﻴﻮﻥ ﺷـﻮﺭﺍﻱ ﺍﻗﺘﺼـﺎﺩ ﺑﺎﻧـﻚ ﻣﺮﻛـﺰﻱ ﻭ ﺗﺼـﻮﻳﺐ‬
‫ﻼ ﻧﻴـﺰ‬
‫ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻣﺎﻟﻲ ﺑﺎﻧﻚ ﻣﺮﻛﺰﻱ ﺍﻣﻜﺎﻥ ﻋﻘﺪ ﻗﺮﺍﺭﺩﺍﺩ ﻓﺮﺍﻫﻢ ﻣﻲﺷﻮﺩ‪ .‬ﺍﻳﻦ ﻗﺮﺍﺭﺩﺍﺩﻫﺎ ﻫﻤﭽﻨﺎﻥ ﻛﻪ ﻗﺒ َﹰ‬
‫ﻼ ﺍﺧﺬ ﺷﺪﻩ‪ ،‬ﻣﻨﻌﻘﺪ ﻣﻲﺷﻮﺩ‪.‬‬
‫ﺁﻣﺪﻩ‪ ،‬ﺩﺭ ﭼﺎﺭﭼﻮﺏ ﻣﺼﻮﺑﻪﻫﺎﻱ ﻣﺠﻠﺲ ﺷﻮﺭﺍﻱ ﺍﺳﻼﻣﻲ ﻛﻪ ﻗﺒ ﹰ‬
‫ﺷﻤﺎﺭﻩ ﻣﺴﻠﺴﻞ‪٧٠٤٩:‬‬ ‫ﺷﻨﺎﺳﻨﺎﻣﻪ ﮔﺰﺍﺭﺵ‬
‫ﻋﻨﻮﺍﻥ ﮔﺰﺍﺭﺵ‪ :‬ﺍﻧﻮﺍﻉ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻧﻔﺘﻲ‪ ،‬ﻃﺮﺡﻫﺎﻱ ﺑﻴﻊ ﻣﺘﻘﺎﺑﻞ ﻭ ﻓﺎﻳﻨﺎﻧﺲ‬

‫ﺗﻬﻴﻪ ﻭ ﺗﺪﻭﻳﻦ‪ :‬ﺍﻳﺮﺝ ﻣﻬﺮﺁﺯﻣﺎ‬ ‫ﻧﺎﻡ ﺩﻓﺘﺮ‪ :‬ﭘﮋﻭﻫﺶﻫﺎﻱ ﺯﻳﺮﺑﻨﺎﻳﻲ‬

‫ﻭﻳﺮﺍﺳﺘﺎﺭ‪ :‬ﭘﺮﻧﺪ ﻓﻴﺎﺿﻲ‬ ‫ﻧﺎﻇﺮ ﻋﻠﻤﻲ‪ :‬ﻣﺤﻤﺪ ﻛﺎﻇﻢ ﻣﺤﻘﻖ‬

‫ﻭﺍﮊﻩﻫﺎﻱ ﻛﻠﻴﺪﻱ ﻭ ﻣﻌﺎﺩﻝ ﺍﻧﮕﻠﻴﺴﻲ ﺁﻥﻫﺎ‪:‬‬

‫ﺑﻴﻊ ﻣﺘﻘﺎﺑﻞ )‪(Buy back‬‬
‫ﻗﺮﺍﺭﺩﺍﺩ )‪(Agreement‬‬
‫ﻗﺮﺍﺭﺩﺍﺩ ﻣﺸﺎﺭﻛﺖ ﺩﺭ ﺗﻮﻟﻴﺪ )‪(Production Sahring agreement‬‬

‫ﻣﻨﺎﺑﻊ ﻭ ﻣﺂﺧﺬ ﺗﻬﻴﻪ ﮔﺰﺍﺭﺵ‪:‬‬

‫‪ -‬ﻧﺎﺻﺮ ﻓﺮﺷﺎﺩﮔﻬﺮ‪ ،‬ﺳﻴﺮﻱ ﺩﺭ ﻗﺮﺍﺭﺩﺍﺩﻫﺎﻱ ﻧﻔﺘﻲ ﺍﻳﺮﺍﻥ‪ ،‬ﺗﻬﺮﺍﻥ ‪.۱۳۸۰‬‬
‫‪ -‬ﻛﺎﻟﺒﺪ ﺷﻜﺎﻓﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎﻱ ﺻﻨﻌﺖ ﻧﻔﺖ‪ ،‬ﺍﻧﺘﺸﺎﺭﺍﺕ ﻛﻮﻳﺮ‪.۱۳۷۹ ،‬‬