The Iran Petroleum Contract (IPC) model would bring more foreign investment, Oil Minister Bijan Namdar Zanganeh was quoted as saying in a media report.

“Under the IPC model, more than 70 per cent of Iran oil production capacity will be controlled by Iranian firms and that the contracts would draw $80 billion in foreign investment if they are put into force immediately,” Zanganeh said, according to an Iran Daily report.

He added that the presence of foreign companies in Iran will create more jobs and help the country “get rid of sanctions” as it laces their interests with stability in Iran’s oil production.

“The new oil contracts (IPCs) are currently being reviewed by the Supreme National Security Council,” he said.