Iran Plans to Offer Better Oil Exploration Terms Than Iraq
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Iran will offer international companies better oil contracts than OPEC-rival Iraq as the Islamic republic seeks long-term investment to revive its energy industry, a government adviser said.
The fifth-largest Organization of Petroleum Exporting Countries member is discussing limits to its nuclear program to remove Western sanctions against its financial and energy businesses. Iran is developing new hydrocarbon contracts that are “in line” with international practice and law and will offer more flexible terms than those Iraq uses, said Mehdi Hosseini, who leads the oil ministry’s committee on the accords.