Iranian energy officials sketched out their vision of an economic détente with the West—promising a revamp of the energy sector and financial benefits for companies willing to re-engage with the Islamic Republic. On the eve of a temporary easing of sanctions against the Islamic Republic, an Iranian deputy oil minister said Tehran was likely to spend billions of dollars in soon-to-be-unfrozen oil proceeds on buying a wide range of goods from U.S. and European companies. A separate oil official, involved in drafting contracts for exploiting Iran’s energy reserves, said Tehran was soliciting feedback from Western oil firms about how to restructure those contracts in a way that would draw more global interest. Six Western powers have agreed to temporarily ease some sanctions, allowing Iran to buy Western goods such as cars, airplane parts and precious metals and to sell products including petrochemicals, among other measures. The deal will […]