The West imposed sanctions on Iran in 2011-2012, banning the export of Iranian oil to the European Union and some parts of Asia. The sanctions are expected to be lifted after a comprehensive deal between Tehran and international mediators, ensuring the peaceful nature of Iran's nuclear program, is signed.
In early June, Iranian Oil Minister Bijan Namdar Zanganeh said that the republic plans to present new oil contracts to international companies by September.
"For us, [the date of the presentation] does not make a difference, the issue is so important," Hosseini said as cited by MarketWatch.
The contracts are close to completion, he added, stressing that international oil companies have already received details of some of the agreements.
The new deals stipulate that oil prices will be regulated in accordance with the economic situation, with the Iranian National Iranian Oil Company making the conclusive decision.
Iran will stimulate oil company interest by offering additional revenue percentage for increased production, joint ventures, and technology sharing.
