TEHRAN- Iran is negotiating with foreign companies to finalize 25 contracts in oil sector, which will bring $80-85 billion investment to the country, Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia said on Saturday.

Iran has signed 25 memorandums of understanding (MOUs) with foreigners after the lifting of sanctions against the country in January 2016, for carrying development studies on Iranian oil fields and according to Zamaninia the MOUs are planned to turn into contracts from the next Iranian calendar year’s third month of Khordad (which starts on May 22).

Last week, Gholamreza Manouchehri, the deputy managing director of National Iranian Oil Company (NIOC) for development and engineering affairs, said that Iran has received 25 Management Development Programs (MDP) for the development of its oilfields from foreign companies since sanctions removal.

“Post-sanctions era has provided foreign companies a great opportunity for entering Iran’s oil industry,” the official noted, adding that NIOC has started the assessing process of the submitted proposals.

Iran has ramped up oil production and more than doubled exports over the past year, reviving its market in Europe and elsewhere which it had lost under sanctions. The country is currently producing close to pre-sanction levels of about 4 million barrels per day.

MA/MG