Iran to offer ‘lucrative’ contracts to international oil firms

oil block-dani simmonds sxc.huIran said that it would reach out to old oil buyers and was ready to cut prices if Western sanctions against it were eased. (Image source: Dani Simmonds/sxc.hu)Iran is planning to offer international companies more ‘lucrative’ contracts to attract at least US$100bn worth of investment in its oilfields over the next three years

According to the UK's Financial Times, Mehdi Hosseini, advisor to Iran’s oil minister, said that the country would scrap its current system of ‘buyback’ contracts, which do not allow foreign companies to book reserves or take equity stakes in Iranian projects.

Hosseini added, “A new win-win type of contract, details of which are expected to be announced in London in March 2014, is in the works and leading American and European companies can benefit from it.”

Iran said that it will reach out to its old oil buyers and was ready to cut prices if Western sanctions against it were eased.

The International Energy Agency (IEA) also added that that few expected sanctions on the country would to be eased soon.

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