Iran president: To have new model for oil contracts

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Hassan Rouhani12345 Reuters. Iran's President Hassan Rouhani speaks during a session at the annual meeting of the World Economic Forum (WEF) in Davos January 23, 2014.

Davos, Switzerland - Iran will have a new, attractive investment model for oil contracts by September as it is keen to win back Western business, Iran's president and oil minister told some of the world's most powerful oil executives at a historic meeting in Davos, Switzerland.

Three oil executives who were at the meeting and spoke with Reuters on condition of anonymity said Iranian President Hassan Rouhani and Oil Minister Bijan Zanganeh had stressed the importance of fossil fuel, with global energy demand rising.

The two Iranians also said the country's new administration was keen to open up to Western investments and technology as part of its drive towards rapprochement with the West.

“It was an impressive presentation,” one of the oil executives said. - Reuters

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