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Petroleum Ministry has decided to postpone the date of holding a conference in London, planned for April, to introduce its new oil contracts framework.

head of the committee assigned to draft new oil contracts, Mehdi Hosseini, told Shana the conference will be held in July.

He denied foreign media speculations that the committee had decided to hold the conference in November 2014. Reuters reported yesterday that “London conference has been delayed until November from early April”, citing anonymous industry sources.

Hosseini told Shana last month that buyback contracts, as the main framework for investment in Iran’s oil industry, are no longer attractive for investment, needing revision.

The U.S and EU sanctions have been another stumbling block in the way of foreign oil companies investment in Iran’s oil industry.

According to Hosseini, Petroleum Ministry seeks a win-win formula by focusing on drafting a new oil contracts framework.