Iran's cabinet approved an amended draft for the country's new oil and gas contracts at today's meeting attended by President Hassan Rouhani.
"The draft of the general conditions, structure and patterns of the upstream petroleum and gas contracts which included more than 150 minor and major changes was given final approval in today's cabinet meeting," IRNA reports.
The launch of the Iran Petroleum Contract (IPC) has been postponed several times as hardline rivals of pragmatist President Hassan Rouhani resisted any deal that could end the buy-back system, under which foreign firms were banned from owning stakes in Iranian companies.
This week, Iranian Petroleum Minister Bijan Namdar Zanganeh said that once the contracts are ratified, their executive phases would be finalized.
