A new generation of upstream investment contract developed with the aim of attracting foreign oil companies back to Iran once sanctions on its oil and gas sector are lifted, has been approved by the Iranian government, clearing the way for the oil ministry to finalize plans for its official unveiling.

Iran is looking to attract billions of dollars in investment back to its critical energy sector – the lifeblood of its economy – which has been starved of funds and technology for the best part of the last decade, as a result of US, EU and UN sanctions imposed on it over its long-disputed nuclear program. (CONTINUED - 799 WORDS)