The National Iranian Oil Company (NIOC) will sign the first of its new oil and gas contracts (IPCs) with a domestic firm on Tuesday, the managing director of the state-run company was quoted as saying by Fars news agency on Monday.

"Tomorrow NIOC will sign a contract with Setad Ejraye Farman Emam under the IPC to develop the second phase of Yaran field, and EOR (enhanced oil recovery) and IOR (improved oil recovery) contracts for Koupal oil field," managing director of NIOC, Ali Kardor said.

Iran's Tasnim news agency said the value of the new contracts is $2.5 billion.

(Source: Reuters)