International oil companies (IOCs) eagerly awaiting the unveiling of Iran’s new generation of oil contracts will have to be a little more patient than first anticipated: Iran’s President and Oil Minister say the revised framework will not be ready for another eight months.

Iran’s Petroleum Ministry is in the process of reformulating the contracts it offers to foreign oil companies looking to do business in Iran, in an effort to make them more attractive. This comes as the Islamic Republic appears to be opening up to the international community following years of icy relations under the previous administration of President Ahmadinejad. (CONTINUED - 767 WORDS)