An Iranian worker walks at a unit of of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran, November 19, 2015. REUTERS/Raheb Homavandi/TIMA
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Iran's cancellation of a conference where it had been set to unveil investment contracts to international oil firms signals that political feuding is disrupting plans to revive its energy sector.However, foreign oil executives say factionalized politics in Iran, where elections will be held later this month, appeared to explain the delay as the country seeks major investment following the lifting of international sanctions last month.Iran's new oil and gas contracts are a cornerstone of its plans to raise crude production to presanctions levels of 4 million barrels per day, and the OPEC member desperately needs $200 billion in foreign money to reach the goal.Tehran now wants foreign firms to revive its giant but aging oil fields and develop new oil and gas projects through joint ventures with Iranian partners.However, this time domestic infighting over the structure of the oil and gas investments contracts seems to have prevented any announcement of the commercial terms.The Iran Petroleum Contracts covering about 52 projects will have flexible terms that take into account oil price fluctuations and investment risks, a senior Iranian oil official told Reuters in November.One Iranian oil businessman foresaw more problems for Zanganeh and the National Iranian Oil Company following the elections on Feb. 26 .
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