Iran , bound by economic sanctions and seeking investment to help develop its oil and natural gas, plans to offer international energy companies more attractive contracts than neighboring Iraq , an Oil Ministry adviser said. The Islamic republic is developing a new type of contract that’s “in line” with international practice and law, Mehdi Hosseini, who leads a ministry committee reviewing oil contracts, said at a news conference in Tehran today. The new model will be more flexible and advanced that those investors encounter in fellow OPEC-member Iraq and will differ from what’s available elsewhere, he said. “Any new model will have to be win-win for all parties involved,” Hosseini said. “The new contract is our own type. We haven’t given it a name.” He reiterated that Iran plans to introduce the new contract at a conference in London in late June or early July. The Persian Gulf state […]