TEHRAN April 29(Shana)--Iran needs to attract foreign investment to develop ageing oil fields, a top official has said.

�The country�s domestic resources are not enough for renovation and rebuilding oil fields,� Gholam-Reza Manouchehri, managing-director of Iranian Offshore Engineering and Construction (IOEC), said.

�The installations of these fields could be renovated only by foreign investment,� he added.
Manouchehri said Iran Petroleum Contract, the new model to replace buyback as oil contract model, should be attractive enough for foreign investors.

By SHANA