The new model of oil contracts demonstrate great flexibility, Narsi Qorban told Shana.
Oil Contracts Revision Committee put in a great deal of efforts to draw up new contract models, he said, adding they do not suffer the same problems found in buy-back contracts.
He stressed that nevertheless, the new model of oil deals cannot solely guarantee increased flow of foreign funds into domestic projects, saying that regional and political issues also play a role in this regard.
Foreign investors are also awaiting the removal of sanctions to take more serious steps, Qorban said.
“Iranian private companies have made remarkable progress in the past 20 years and are capable of cooperating with foreign firms in the framework of the new contracts. Nevertheless, they require to be shored up by the government," he added.
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