Iran has high hopes for slick new oil contract model
Iran's soon-to-be unveiled oil contract is designed to attract foreign investment amid the toughest investment climate in years, but what distinguishes it from the current model contract?
Iran has devised a new contract model — designed to benefit both the National Iranian Oil Company and international contractors — that it hopes will bring in billions of dollars in investments.
Unlike some other countries, Iran's oil rights can't be transferred to international oil companies. Iran has been using a unique model of buy-back contracts designed to attract international companies to invest in its oil and gas industry, but the model has not been very successful due to its limitations. So to gain access to advanced technology and international investments, Iran will soon unveil a new plan.
