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Iran Cancels London Summit for New Oil Deals

  • Lack of U.K. visas slows efforts to pitch new oil contracts
  • Protests outside oil ministry trigger arrests, agency reports
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Iran canceled a London conference to promote new contracts for global oil companies, two weeks after economic sanctions were lifted, because the British government hasn’t been able to issue visas for Iranians to travel, an official told the weekly Iranian magazine Seda.

The ministry spent the past two years working on a new model contract, in which fees paid to international companies will be linked to the oil price and determined on a sliding scale, with riskier developments paying more.