Economics
Iran Plans Foreign Oil Deals Within Months as Sanctions Ease
- Contracts to lure billions of dollars, Zanganeh tells website
- Country seeks to boost oil production as sanctions lifted
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Iran’s new model oil contracts, designed to lure billions of dollars in foreign investment for its energy industry, still need revisions and the government is confident the first deals will be signed within months, Oil Minister Bijan Namdar Zanganeh said.
The contracts were sent to the government for approval two weeks ago, Zanganeh said in an interview published Saturday by Seda Weekly magazine. The first contract with a foreign company will be signed within three months, he said. The oil ministry has been working on a new oil contract model for the past two years.