EghtesadOnline: Iran's oil contracts are not yet fit for Austrian energy group OMV to invest in planned projects in the country, which hopes foreign investment will revamp its ageing oil infrastructure, OMV's chief executive said.

EghtesadOnline: Iran will invite international oil companies to submit bids in October under the long-awaited new contract model for energy investors, as the OPEC producer seeks billions of dollars to boost output after years of international sanctions.

EghtesadOnline: Chairman of Majlis Energy Commission announced that the oil deals do not need parliament's approval, adding Majlis is not seeking to deprive the government of its legal authority.

EghtesadOnline: Preliminary talks are underway for signing oil contracts with foreign companies and new contracts are expected to be signed by the yearend in oil industry, according to a senior official with the Petroleum Ministry.

EghtesadOnline: Iran on Wednesday approved the outline for the new generation of its oil and gas contracts, dubbed Iran Petroleum Contract, taking the OPEC member a step closer to welcoming foreign investment in its energy industry and boosting production even more into an oversupplied market.