“Though it has been relieved of restrictions and sanctions to some extent due to the Joint Comprehensive Plan of Action (JCPOA), it has not yet been able to see effects of sanctions elimination in various economic aspects,” said Ebrahimi.

He added that regarding huge oil and gas sources that serve as main advantages of Iranian economy, the country should raise incentives for capital absorption in its oil industry.

Attracting foreign companies’ partnership while benefiting from domestic potential would end up in maximization of national interests and meeting financial resources for implementation of the mega oil and gas projects, he added.

The academic said final approval of the new model of oil contracts will serve as an important step towards materialization of the economic objectives.

“While attracting capital and modern technology, the new model of oil contracts will help development of Iran’s relations internationally.”