Davos: Iran promises new model for oil contracts

President Rowhani and Iran’s oil minister say attractive investment model will be in place by September

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Iran will have a new, attractive investment model for oil contracts by September as it is keen to win back Western business, Iran’s president and oil minister told some of the world’s most powerful oil executives at a historic meeting in Davos, Switzerland.

Three oil executives who were at the meeting and spoke with Reuters on condition of anonymity said Iranian President Hassan Rowhani and Oil Minister Bijan Zanganeh had stressed the importance of fossil fuel, with global energy demand rising.

The two Iranians also said the country’s new administration was keen to open up to Western investments and technology as part of its drive towards rapprochement with the West.

“It was an impressive presentation,” one of the oil executives said.

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