Iranian oil minister Bijan Zanganeh has set up a special committee to modify the country's upstream contracts in a bid to sweeten the deals. Coinciding with the high-profile visit of the country's newly-elected president Hassan Rowhani to the UN General Assembly late September, Iran's energy minister has put Mehdi Hosseini, the original architect of the so-called buyback contracts and now a senior adviser, in charge of the committee, which will evaluate and revise the formulas.
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