Iran is to offer international oil companies a new template for oil contracts in an attempt to attract $100b in foreign investments to help rebuild its energy industry, World Oil informed. The contracts are expected to be approved in the first week of August.

The new contract model will clearly state that domestic reserves belong to the state and major decisions by the managerial committee of any joint venture be approved by the Iranian national oil company.

The aim is to regain the country’s pre-sanction position as the second highest producer among OPEC countries, for which Iran seeks to boost its production before 2021. Achieving this goal will require outside technology management and foreign capital, Bloomberg wrote.

Iran’s Oil Minister, Bijan Zanganeh, said that “our priorities will be jointly owned oil and gas fields, as well as those in which we are after improved oil recovery.”

Accordingly to UPI, the Deputy Petroleum Minister for International Affairs and Trading, Amir Hossein Zamaninia, expects to see signatures on the first new post-sanctions oil contracts before the end of the year. Assessing the current state of the oil industry as satisfactory, with output returning to pre-sanction levels, the Minister Zanganeh said Iran expects to bring in significant revenue from oil once the new contracts unfold.