Tehran planning to reveal details of new contracting strategy in March 2014, according to Financial Times report
Iran is aiming to attract international companies back to its energy sector by offering more lucrative contracts to develop its oil and gas fields, according to a report by the Financial Times.
Mehdi Hosseini, an adviser to Irans oil minister, told the newspaper that Iran would scrap its current system of buyback contracts and introduce new deals that allow companies to book reserves.
Iran is planning to reveal details in London in March 2014 of plans it hopes will attract $100bn-worth of investment over the next three years to develop the Islamic Republics ailing oil and gas industry.
The strategy comes amid a cooling of tensions between Tehran and Washington, which are engaging in the most active negotiations on Irans nuclear programme for several years.
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