TEHRAN, July 20 (Shana) -- The Director of Legal Affairs Department of National Iranian Oil Company (NIOC) says the draft of the newly-devised oil contracts model is being prepared and its final version will be released in the near future.

Speaking to Shana, Ali Akbar Mahrokh said the legal department of NIOC is pursuing finalization of the draft contract whose legal dimensions are in their final stages of completion.
"Once the financial and economic mechanisms of the model are finalized, the draft contract mode will be ready," he added.

Iran is devising a new model for its oil contracts to sweeten oil and gas projects for foreign investors willing to join energy projects in a ban-free Iran.

By SHANA