Iran vote leaves upstream opening on track

The elections damaged the hardliners and opponents of the nuclear deal. But their influence has not been eliminated and wider regional rivalries remain intact

Contract terms and the investment regime have yet to be decided, but the international oil companies (IOCs) eyeing Iran’s upstream can take comfort from the country’s elections on 26 February. Reformists and moderate conservatives gained seats in both the majlis (parliament) and in the Assembly of Experts, largely at the expense of candidates critical of the nuclear deal and of improving ties with the West. President Hassan Rouhani will feel emboldened to pursue economic and political reforms, including measures to draw in foreign investment. A fresh date for a conference to unveil the terms of the new and flexible Iran Petroleum Contract (IPC) can be expected soon. The ministry plans to off