European companies show most interest in projects: Zanganeh Oil contract model has been under development for two years Iran is expected to approve a new model for oil contracts on Wednesday, paving the way for billions of dollars of foreign investment to help rebuild its energy industry. “We are awaiting government approval due to be out on Wednesday,” Oil Minister Bijan Namdar Zanganeh said at an energy conference in Tehran on Monday. “Our priorities will be jointly owned oil and gas fields, as well as those in which we are after improved oil recovery.” Iran has been working on the oil contract model for the past two years. The Persian Gulf country hopes to draw as much as $50 billion a year from major oil companies such as Italy’s Eni SpA and France’s Total SA to develop its oil and gas fields. Most of the companies that have expressed […]