Iran to unveil new oil and gas contracts by March 20
Baku, Azerbaijan, Feb.8
By Fatih Karimov - Trend:
Iran will unveil its new oil and gas contracts, which have been revised to be more attractive to foreign investors, Iran's IRIB news quoted Iranian deputy oil minister Ali Majedi as saying on February 8.
The contracts will be unveiled in the next Iranian calendar month of Esfand, which ends on March 20.
"Under the new conditions, the activity of international companies will be facilitated in Iran," Majedi said. "Iran welcomes all international companies to to return to the country and invest in its oil and gas projects."
On January 23, Reuters reported that Iran will have a new, attractive investment model for oil contracts by September, its president and oil minister told some of the world's top oil executives in World Economic Forum in Davos, part of its drive to win back Western business.
Iranian President Hassan Rouhani and Oil Minister Bijan Zanganeh said their new administration was keen to open up to Western investments and technology, executives who attended the meeting said.
They also stressed the importance of fossil fuel, with global energy demand rising.
Tehran has already said it wants Western oil companies to revive its giant ageing oilfields and develop new oil and gas fields once sanctions are lifted.