12 of Petroleum Act of 1974. The discounted oil purchases can extend to 15 years and cannot exceed 50 percent of the total petroleum produced from the discovered field. 3 of Petroleum Act of 1974. The period of foreign participation cannot exceed 20 years, the crude oil has to be supplied to the refinery at market prices and all profits are taxed by Iran. The Iranian National Oil Company requires that 30 percent of all contract work be carried out by local Iranian firms.
Foreign trade is a government monopoly which can be and is delegated to the private sector.
The Foreign Trade Monopoly Act of 1932, as amended. This new regulation expands the requirement to sellers of machinery and equipment to ensure post-sales support and technology transfer. Regulations for the Implementation of the Patent and Trademark Registration Act promulgated in 1337, as amended. Article 30 of the Act. Also see Sec.