Iran Seeking New Oil Contracts

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KCHL/iStock/ThinkStock(TEHRAN, Iran) — Iran is taking steps to overhaul the way it offers contracts to foreign energy companies, reports the BBC.

The goal is to attract up to $30 billion in new investments.

The new oil contracts will offer foreign investors a bigger stake in profits, says BBC News. Iran has  some of the world’s biggest oil and gas reserves.

The new contracts come as Iran readies for sanctions to be lifted after the historic nuclear deal established back in July.

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