NIOC to join local companies in $2.5 billion Yaran oil project Country seen a winner after missing ‘big party’ on sanctions Iran, fresh from an OPEC meeting where it won significant concessions from regional rival Saudi Arabia, will accelerate the rejuvenation of its sanctions-ravaged energy industry on Tuesday when the state producer signs a new-model oil investment contract. National Iranian Oil Co. will complete a $2.5 billion deal with a group of local companies, according to an oil ministry official. The new type of contract, designed to better reward investment in crude and natural gas production, is seen by Oil Minister Bijan Namdar Zanganeh as crucial in increasing the country’s long-term export potential. Although it may take years for new investment deals to bear fruit, the signing will cap a good few days for Zanganeh, who returned from last week’s OPEC meeting in Algiers having secured Iran’s right to […]