Iran on Saturday presented a new model for oil contracts it could offer to foreign oil firms as it seeks to attract Western investors ahead of an end to sanctions. Though the terms of the contracts’ framework had been previously released, the official release coincided with the first international summit specifically focused on the new deals. Iran announced it would revise its oil contracts two years ago following the election of moderate President Hassan Rouhani and the clinching of an interim nuclear agreement with world powers. Bijan Zanganeh, Iran’s oil minister, told investors he is looking for opportunities for $30 billion in spending in 52 fields soon to be on offer. With the investment, Iran plans to double its production to 5.7 million barrels a day by the end of the decade, compared with 2.7 million barrels a day today. Under Iran’s previous oil contract model for foreign oil […]