Resistance Economy Headquarters, a top government economic advisory body, approved Iran’s new oil and gas contracts after some amendments had been done. According to Trade Arabia, the final draft for the contracts must still be ratified by the government.

In efforts to boost crude oil production through foreign investment, the Iran Petroleum Contract (IPC) serves as a main pillar for the Islamic Republic’s plan.  The launch of contracts was postponed several times due to President Hassan Rouhani’s objections to deals that may end the buy-back system. This system, that dates back more than 20 years, prohibits foreign firms from booking reserves or taking equity stakes in local companies, Alarabiya wrote.

For his side, Ayatollah Ali Khamenei, the country’s supreme leader stated that no contracts are to be awarded except when necessary reforms were made. The advisory board, chaired by Eshaq Jahangiri and several cabinet members, was formed last year, working towards executing Khamenei’s economic view.