Iran unveils upgraded model for oil contracts
TEHRAN, Iran (AP) — Iran has unveiled a new model of oil contracts aimed at attracting foreign investment once sanctions are lifted under a landmark nuclear deal reached earlier this year. The new Iran Petroleum Contract (IPC) unveiled Saturday replaces the previous buy-back model. Iran has sweetened the terms, hoping to bring in $30 billion in new investment. The new contracts last 15-20 years and allow for the full recovery of costs. Some 50 upstream oil, gas and petrochemical projects are being introduced during a two-day conference in ...
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