Iran unveils upgraded model for oil contracts

TEHRAN, Iran (AP) -- Iran unveiled a new model of oil contracts Saturday aimed at attracting foreign investment once sanctions are lifted under a landmark nuclear deal reached earlier this year and said U.S. companies would be welcome to participate. The new Iran Petroleum Contract replaces a previous buyback model, in which contractors paid up-front investment costs in return for proceeds from the oil produced under the deal. Iran has sweetened the terms, hoping to bring in $30 billion in new i...