Iran has unveiled a new model of oil contracts aimed at attracting foreign investment once sanctions are lifted under a landmark nuclear deal reached earlier this year.
Iran's Oil Minister Bijan Zanganeh (C), Managing Director of National Iranian Oil Company, Roknoddin Javadi (R), head of parliament's energy committee Ali Marvi (L), and participants listen to Iran's national anthem during opening ceremony of Iran Petroleum Contracts Conference in Tehran, Iran, Saturday, Nov. 28, 2015. Iran has unveiled a new model of oil contracts aimed at attracting foreign investment once sanctions are lifted under a landmark nuclear deal reached earlier this year. AP Photo/Vahid Salemi
TEHRAN, Iran—Iran has unveiled a new model of oil contracts aimed at attracting foreign investment once sanctions are lifted under a landmark nuclear deal reached earlier this year.
The new Iran Petroleum Contract (IPC) unveiled Saturday replaces the previous buy-back model. Iran has sweetened the terms, hoping to bring in $30 billion in new investment. The new contracts last 15-20 years and allow for the full recovery of costs.
