Iran outlines plan to win back Western oil interest Page added on October 29, 2013 Iran is planning to offer international companies more lucrative contracts to attract at least $100 billion worth of investment in its oilfields over the next three years, the Financial Times reported on Monday. An adviser to Iran’s oil minister, Mehdi Hosseini, was quoted in the Financial Times article as saying the Islamic republic would scrap its current system of “buyback” contracts, which do not allow foreign companies to book reserves or take equity stakes in Iranian projects. According to the article, Hosseini said a new “win-win” type of contract, details of which are expected to be announced in London next March, was in the works and leading companies could benefit, “whether American or European”. Iran said last week that it would reach out to old oil buyers and was ready to cut prices if […]