BREAKING NEWS

Iran sweetens oil contracts to counter sanctions and price plunge

By REUTERS

FEBRUARY 3, 2015 09:11

Iran is sweetening the terms it offers on oil development contracts to draw the interest of foreign investors deterred by sanctions and low crude prices, as its pragmatic president seeks to deliver on his promise of economic recovery.

Tehran is engaged in talks with world powers about its disputed nuclear program as it tries to strike a final deal to lift the sanctions that have halved its oil exports to just over 1 million barrels per day since 2012 and hammered its economy.

To prepare for any agreement, it has already circulated new draft oil contracts to foreign firms to attract business once the restrictions end, Iranian oil officials and Western diplomatic sources said. Such deals would involve helping Iran revive aging fields and develop new ones, they added.

But there is no certainty about the outcome of the nuclear negotiations. The contracts offer far more favorable terms than those offered pre-sanctions as many companies would be hesitant to sign even a preliminary deal which US and European governments could regard as jumping the gun.

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