Iran has asked Iraq for guidance on drafting oil development contracts, Iraq's top oil official said yesterday, another sign Tehran is working to lure foreign investors once sanctions are lifted.

Iran is preparing a new investment model for oil contracts as part of its drive to win back Western business.

"As for Iran revising its contracts - they have been in touch with us. They have asked us to share our contract and our experience," Iraqi Deputy Prime Minister for Energy Hussain Al Shahristani said.

Iranian President Hassan Rouhani and Oil Minister Bijan Zanganeh met some of the world's top oil executives last week at the World Economic Forum in Davos and said new oil investment terms would be ready by September.-Reuters