Cabinet ministers in Iranian President Hassan Rouhani ‘s administration said they endorsed the terms of new oil contracts for a post-sanctions era. Mehdi Husseini, charged by the government with drafting a new contract model, told the Iranian Oil Ministry’s website SHANA the Cabinet has fully signed off on the new terms . Under the terms of the deal, the National Iranian Oil Company will establish joint ventures with its foreign counterparts, who will be paid with a share of any production. Previous terms gave energy companies a predetermined price for production volumes. Tehran hosts an international energy conference in late November to present the terms to potential investors. “A wide welcome is expected for the Tehran conference,” Husseini said. Ali […]