Iran is expected to undertake mega oil and gas projects in collaboration with foreign companies before March 2017, Iran Daily News quoted the country’s deputy oil minister for trade and international affairs as saying.

The new model of oil contracts improves opportunities for cooperation with major global companies, Amir-Hossein Zamani-Nia was quoted in the report, which cited Shana.

"For the time being, the framework of such a model of contracts has been approved by the cabinet. Once the contract is confirmed by the parliament and the draft is ready, the tender will be held for the purpose,” he said.

Iranian oil projects will be offered by the next two months and major projects will be signed in the oil industry March, he noted.

European and Asian companies are also willing to participate in Iranian oil projects, according to the minister.