The Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) is to back the newly-developed oil contracts model, Trade Arabia informed.

Head of the TCCIMA’s Energy Committee, Mansour Mo’azzami, said, that all views by the Chamber of Commerce, the Iranian Parliament, and the Expediency Council should be considered in the oil contracts model, according to SHANA, the Iranian news agency. For his side, Director of Legal Affairs of National Iranian Oil Company (NIOC), Ali Akbar Mahrokh, said that the draft of the new oil contract model is being prepared and its final version will be released in the near future.

The contract serves as a main pillar for the Islamic Republic’s plan to boost crude oil production through foreign investment. Most recently, the Resistance Economy Headquarters has approved Iran’s new oil and gas contracts after some amendments had been done.