Iran’s cabinet has approved a draft of the yet to be released international oil and gas contract model, reported Reuters, citing the Oil Ministry’s Shana news agency on Wednesday.
No details were given, however, although the agency did state the new contract model should increase oil and gas production capacity in jointly held fields.
The details would be revealed later in Tehran in coming week, the agency added.
According to Bloomberg, the country’s council of ministers endorsed the model contract in a meeting chaired by President Hassan Rouhani in Tehran, citing Iran’s state-run Mehr news agency.
In a separate Mehr report Pirouz Mousavi, managing director of Iran Oil Terminals, said Iran’s oil terminals are ready to handle the 500,000 barrels of daily shipments that the country plans to add as soon as sanctions are lifted.