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Another week, another twist in the Iranian oil ministry’s plans to unveil the country’s new generation of oil investment contract. Long-set for an official unveiling in London, at a roadshow now scheduled for mid-February, plans have once again changed. At Oil Minister Bijan Zanganeh’s request, the newly developed Iran Petroleum Contract (IPC) will now first be unveiled in Tehran in November, before its international reveal in London early next year.
Following the signing of the landmark nuclear deal with world powers in July, Iran is now preparing for a lifting of sanctions on its energy sector, which it hopes will herald the return of foreign oil and gas companies back to the country, and reverse years of decline as a result of those sanctions. (CONTINUED - 658 WORDS)