Iran’s Deputy Oil Minister, Amir Zamaninia, declared that Tehran will host the upcoming Russian-Iranian intergovernmental commission on trade and economic cooperation during December. The objective of the commission is to discuss financial and technical models of a new contract with Russian firms, reported Tehran Times.

Zamaninia added that a number of major agreements will be signed with six Russian companies by the end of  2016. The companies interested in onshore and offshore hydrocarbon exploration, development and production projects in Iran. are Lukoil, Zarubezhneft, Tatneft, Rosneft, Gazprom Neft and Gazprom, according to RT News. However, interested companies must submit bids by mid November.

Iran began offering oil and gas development tenders to foreign companies during October in order to ramp up investment in the industry after years of sanctions. A new contract scheme called the Iran Petroleum Contract gives foreign companies the right to own an agreed part of oil and gas produced.