Zanganeh SIgmar Gabriel Iran has been eager to restart the full-scale development of its oil and gas reserves since the lifting of economic sanctions early this year, and its main tool in this endeavor has been the new Iranian Petroleum Contract (IPC). Now, despite serious opposition from parliament, the government is hoping to attract US$185 billion in foreign investment in oil and gas production and refining, according to deputy oil minister for international affairs Amir Hossein Zamaninia. The figure suggests Iran is really counting on this new contract with foreign companies: when the IPC was first presented to energy businesses last November, the amount of investments oil minister Bijan Zanganeh said he expected to flow into Iran was just $25 billion . So, what’s so special about this new contract that Iran is pinning its hopes on? The old buyback system that the country’s government was using before the […]