Middle East

Rouhani invites majors to buy into Iranian oil

Dubai: Iran’s president, Hassan Rouhani, set about wooing foreign investment into the nation’s energy sector while attending this week’s Davos summit.

A new, attractive investment model for oil contracts will be ready by September, the president said in a meeting with energy majors in Switzerland including ENI, Total, BP, LUKoil and Gazprom.

Oil sanctions have been lifted in Iran for an initial six-month period.

Separately, shipbroker Gibson said in a weekly comment that Iran’s tanker line, NITC, would use the six-month window to undertake drydocking and repairs of many of its older ships.  [26/01/14]

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