国际英语新闻:Iran unveils new model of oil contracts to attract investments

TEHRAN, Nov. 28 (Xinhua) -- Iran's Oil Ministry unveiled a new model of oil contracts here on Saturday to attract foreign investments in oil sector in the post-sanction era.

The newly developed model of oil contracts, dubbed as Iran Petroleum Contract (IPC), are designed to help the country attract finance from Asian and European investors, Iranian Oil Minister Bijan Namdar Zanganeh said in a conference.

The IPC is replacing traditional Iranian "buy-back" contracts which are no longer attractive to foreign companies.

He hopes the new model will bring in some 25 billion U.S. dollars in investment in Iran's energy sector over the next years, Zanganeh said.

In the new contracts, different stages of petroleum industry, exploration, development and production, are commissioned in an integrated manner.

Under the IPC, National Iranian Oil Company (NIOC) will set up joint ventures for crude oil production with international companies which will be paid with a share of the output.

The move is to encourage the foreign investment in Iran's energy sector if sanctions could be lifted in early 2016 as the result of the landmarks deal reached between Iran and the world powers on July 14.

Also, Iranian experts will work with foreign investment companies in order to become familiar with the latest technologies in the world.

Earlier, Mehdi Hosseini, the head of Oil Contracts Revision Committee in the ministry, said that based on the new model of the contracts "ownership of reservoirs is not transferable."

International companies withdrew from Iran as the United States and European Union imposed sanctions on Iran's oil and gas industries during the past few years, which caused a significant decrease in Iran's oil and gas exports and production.

Since the new government took office in 2013, Iran's Oil Ministry has focused efforts on regaining Iran's status in global markets.