Iranian Minister of Petroleum, Bijan Zangeneh, announced that Iran will sign its first oil deal based on the newly devised contract terms before the end of President Rouhani’s first term by July, reported Shana News.

Zangeneh stated that the invitation to tender for the development of the Azadegan Oilfield has already started, as informed on United Press International (UPI).

The National Iranian Oil Company (NIOC) has signed several memoranda of understanding (MoUs) with a number of leading energy companies like Total, Royal Dutch Shell and Inpex for carrying out studies on the field’s development.

South Azadegan Oilfield is one of Iran’s biggest oil reserves and produces heavy crude.

In related news, Iran said it had received more than $4b from Emirates National Oil Company (Enoc), as part of the UAE retailer’s settlement of its debts owed to Iran for pre-sanction oil and gas purchases.