Bijan Zanganeh It’s expected that Iran will approve a new model for oil contracts on Wednesday that should open the door for foreign investors to help the country reestablish its energy sector. Oil Minister Bijan Namdar Zanganeh stated Monday: “We are awaiting government approval due to be out on Wednesday. Our priorities will be jointly owned oil and gas fields, as well as those in which we are after improved oil recovery.” He added that the bulk of investor interest has come from Europe. Iran has spent the last two years looking for foreign investors such as Eni and Total SA to develop its resources. Iran hopes those investments will bring in approximately $50 billion per year. Before sanctions were ratcheted up in 2012, Iran was producing over 4 million barrels of oil per day. When those sanctions were lifted at the start of 2016, production in the country […]