Iran’s biggest oil investment event opens

An important two-day conference opens in Tehran to lay out 50 oil and gas projects worth $185 billion for development through foreign investment which Iran hopes to trickle in with the lifting of Western sanctions.

As many as 250 representatives of companies from 33 countries are attending the conference which will also feature Iran’s introduction of a new contract format offering better incentives to investors than the previous buy-back deal.

Head of the Iran Contracts Restructuring Committee (ICRC) Mehdi Hosseini said no American company is participating in the event but a number of big oil and gas entities have sent their representatives.