Iran likely to delay new oil deals to year end

Iran is likely to delay the launch of its new oil-and-gas contracts by three months until December, a top oil adviser here said, as the country seeks the best timing to take advantage of a potential lifting of western sanctions.

The new contracts are expected to offer more-favorable terms than in the past for international oil companies and were expected to be unveiled officially at a presentation in London in September. The new terms are a closely watched part of Iran's push to lure back foreign firms forced to leave in 2010 when much of the west imposed crippling sanctions on Iran.

Now, with a deal that would lift sanctions in exchange for curbs on Iran's nuclear program likely coming after a June 30 deadline, the timing is too short to market the new deals in September, said Mehdi Hosseini, who heads the oil ministry-appointed Oil Contracts Revision Committee, in an interview here in the Iranian capital.

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