Iranian Oil Minister Bijan Zanganeh talks to journalists as he arrives at his hotel ahead of an OPEC meeting in Vienna December 3, 2013. REUTERS/HEINZ-PETER BADER
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Iran is sweetening the terms it offers on oil development contracts to draw the interest of foreign investors deterred by sanctions and low crude prices, as its pragmatic president seeks to deliver on his promise of economic recovery.To prepare for any agreement, it has already circulated new draft oil contracts to foreign firms to attract business once the restrictions end, Iranian oil officials and Western diplomatic sources said.Companies may also require greater persuasion to invest in Iranian fields due to low crude prices, which have more than halved since June, and the turbulent relationship Iran has had with foreign firms in the past, especially after the 1979 Islamic Revolution.Iranian sources declined to identify which companies had seen the draft oil contracts.Iran and six world powers are trying to meet a self-imposed deadline of the end of June to resolve the nuclear standoff over Iran's nuclear work, which the West fears is aimed at developing a weapons capability – a charge Iran denies, saying it is for peaceful, civilian purposes.
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