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Iran negotiating oil contracts

If the sanctions against Iran are lifted the country will be able to offer western oil and gas companies the opportunity to negotiate long-term, more profitable proposals and contracts, public officials tell the Wall Street Journal.

Photo: Vahid Salemi/AP/POLFOTO

For a long time there has been a spotlight on Iran's oil and gas reserves, which are the fourth largest and the largest in the world, respectively. Negotiators from Iran and six major global powers will negotiate a deal set to lift the international sanctions against Iran in return for control over Iran's nuclear program, reports the Wall Street Journal.

Large US oil companies left Iran during the revolution in 1979 when the shah was overthrown and the Islamic Republic was founded. The US-based companies never returned, but European energy producers such as Statoil in Norway, French Total and Eni in Italy stayed in the country until 2010.

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