Iran Inks Oil Deals with Foreign Firms

Iran has signed seven new initial agreements with foreign oil companies, Ali Kardor, managing director of the National Iranian Oil Company (NIOC), was quoted as saying by the oil ministry's news agency SHANA on Tuesday.

The contracts to study Iranian oilfields were signed with firms including Austria's OMV, France's Total , Germany's Wintershall, Indonesia's Pertamina, Russia's Lukoil and Zarubezhneft, he said.

Iran needs foreign investment to repair and upgrade its oil and gas fields and is also seeking the transfer of technology to its oil industry after a decade of isolation.

Many Western and Asian oil firms are still waiting for Tehran to unveil oil and gas contracts (IPCs) with new terms.

Reporting by Babak Dehghanpisheh