President Hassan Rouhani chaired the session.
The cabinet also approved the 6th Five-Year Plan rules.
The new amendments were endorsed after Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei stressed last month that no new oil and gas contracts for international companies would be awarded without necessary reforms.
The new oil and investment contract for international firms, known as the Iran Petroleum Contract (IPC), will replace Iran’s buyback oil deals. Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces.
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