Swedish, Russian firms ready to help Iran explore for oil in Caspian Sea: Iranian official

TEHRAN,May 18(MNA) – A couple of Swedish ad Russian companies voiced readiness to cooperate with Iran in oil exploration projects in the Caspian Sea. National Iranian Oil Company official Abdolreza Asadi said NIOC welcomes the participation of capable and experienced international companies in its oil exploration projects, especially in the Caspian Sea. Iran has tried to bring more foreign companies into its energy sector since securing sanctions relief from a November interim agreement to temporarily curb its nuclear activities. On March 1, Iranian Oil Minister Bijan Namdar Zanganeh said that Iran's oil industry would head forward, with or without sanctions. The sanctions have not hindered the trend of progress of Iran's oil industry, he stated, adding that the new model of contracts would help the country circumvent the sanctions. The Iranian government said in April that it would revise how it regulates oil and natural gas contracts, though sanctions must be lifted for their full utilization. Iran, under the terms of the previous buy-back contracts, paid contractors a set price for oil and natural gas produced. Under the planned new system, state-run energy companies will establish joint ventures with their international counterparts, which will be paid with a share of the output.