Iran signs off on new oil contact model

TEHRAN, Aug 22 (Shana) – First Vice-President Eshaq Jahangiri issued an executive order on the application of the new type of oil contracts designed to attract foreign investors.

The framework was previously endorsed by the government cabinet and was sent to the parliament for deliberation.

On Sunday, Iranian Minister of Petroleum Bijan Zangeneh briefed the parliament on the model’s merits.

Zangeneh’s address was positively endorsed by MPs who said they found it convincing.

Iran has devised this new model of oil and gas contracts to sweeten oil deals for foreign investors.