Iran is set to reveal the framework of oil and gas contracts to lure back international oil companies on Saturday. It is expected to offer more flexible terms on oil price fluctuations and investment risks to make the sector more financially attractive. During the two-day Tehran Conference, oil executives from European and Asian companies including France’s Total Group, Norway’s Statoil, BP, Shell, Repsol, China’s Sinopec as well as companies from India, Pakistan and Oman, will hear about the details of the new scheme. There was also an energy adviser from the UK government, according to a western diplomat. The Iran Petroleum Contract (IPC) officially puts an end to about two decades of a buyback system that prevented foreign companies from booking reserves or taking equity stakes in Iranian companies. Under some circumstances, the new model allows reserves to be booked, but foreign companies would still not own oilfields.