Iran to Unveil New Oil Contract Late November

Iran will unveil new oil contracts during a conference to be held on November 28-29 in Tehran, state owned Shana News reported Sunday.

Chairman of Oil Contracts Revision Committee Mehdi Hosseini told Shana that the two-day event will introduce details of the new contract models for domestic and foreign investors. A follow-up conference will be also held in London on February 22-24.

The London conference was postponed from December to February 2016 so that it will be held after removal of sanctions. “With the official lifting of sanctions, foreign firms and investors face no international limitation to take part in the event.”

The new regime is expected to be more attractive to investors.

In September, Minister of Petroleum Bijan Zangeneh welcomed foreign investment in Iran’s energy industry but said the Islamic Republic is interested in the technology transfer by foreign partners.