TEHRAN (Tasnim) – Iran’s Oil Minister Bijan Namdar Zanganeh said the country’s revised oil contracts are being negotiated with foreign customers.

Speaking at a radio program, Zanganeh said efforts are underway to clinch deals based on the new oil contracts.

He said, however, that he could not say when and with whom those contracts will be signed.

Zanganeh also noted that the Oil Ministry is going to start reviewing the qualification of the foreign companies in talks with Iran within the next few weeks.

He explained that the draft version of  new contracts should be finalized before considering any bid.

Since almost a year ago, Iran’s Oil Ministry has been developing new models of oil contracts in an attempt to attract more foreign customers and investors.

The promising prospect of trade with Iran after implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), has prompted many countries to explore the market potential in the oil-rich country.

The Oil Ministry has repeatedly voiced determination to regain Iran’s share of the oil market that it had lost as a result of sanctions.

The JCPOA, which came into force in January, has terminated all nuclear-related sanctions on Iran.

By Tasnim News Agency