A group of Iranian lawmakers have probed into the model of oil and gas contracts known as the Iran Petroleum Contract (IPC), an Iranian MP said.

Gholamali Jafarzadeh, an Iranian lawmaker, citing Parliament Speaker Ali Larijani said that a parliamentary committee for legal issues has carried out investigation into the IPC, Mehr news agency reported.

So far, the committee has not obtained any evidences confirming the government has breached the constitution regarding the IPC, the MP added.

A group of Iranian students affiliated with paramilitary Basij organization gathered outside Oil Ministry building in Tehran to protest against the IPC suggesting the new model of the oil contract is against the Iranian constitution.

Earlier in November, Tehran hosted 137 companies from 45 countries for a two-day conference, during which legal generalities of the IPC were introduced and it was announced that more details about the contracts would be unveiled during a conference likely to be held in London in February 2016.

However, on Jan. 30 Iran announced that the country has decided to cancel the London conference due to “problems for issuing UK visa”.

The IPC is a framework that lays out the basic structure -- and some details -- regarding all future petroleum contracts in Iran. As a Cabinet Resolution (which has similar status to a by-law) passed under the Petroleum Act (and a similar status to a by-law), it is by nature more open to legal and political challenge.

/By Trend/