Iran is adopting a more realistic target for signing the first contracts under the Iran Petroleum Contact (IPC). It is aiming for two-to-three contracts to be signed by the end of the current Iranian year (20 March 2017) says Deputy Managing Director of the National Iranian Oil Company (NIOC) Gholamreza Manouchehri.

“If everything goes well, by the end of the year we will sign two to three contracts based on the model… not more than three,” the petroleum ministry’s...