Iran agrees fresh oil contract

Iran, fresh from an Organization of the Petroleum Exporting Countries (Opec) meeting where it won significant concessions from regional rival Saudi Arabia, accelerated the rejuvenation of its sanctions-ravaged energy industry yesterday when the state producer signed a new-model oil investment contract.

National Iranian Oil agreed to the framework of a $2.2bn deal with Persia Oil & Gas Industry Development to boost output at three fields along the country’s western border with Iraq, said oil minister Bijan Namdar Zanganeh.

A second contract will be signed with a local company today.