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Iran to unveil new oil contracts in coming weeks - Shana

Reuters

ANKARA (Reuters) - Iran will unveil its new oil development contracts in the coming weeks aiming to attract foreign investors and oil buyers once sanctions on its energy sector are lifted, the Oil Ministry's website Shana reported on Friday.

Under an historic deal reached with six major powers in July, the OPEC producer agreed to curb its nuclear programme in exchange for an end to economic sanctions imposed on the country over its disputed nuclear work.

"First, the new contracts will be unveiled in Tehran in the middle of the month of Aban (Which starts on October 23)," Shana quoted Iran's Deputy Oil Minister Rokneddin Javadi as saying.

"Then more details will be revealed at a conference in London."

He also predicted that the international oil price would not drop below $40-45 per barrel in 2016.

(Writing by Parisa Hafezi; editing by Jason Neely)