Iran's new oil minister, Bijan Zanganeh, has ordered a review of oil contracts with foreign companies, as the pragmatist official takes his first steps to mitigate the crippling impact of international sanctions.

The oil ministry's website Shana quoted Abdol-Mohammad Delparish, the planning director of the National Iranian Oil Co., as saying Iranian expert committees are currently studying the terms of contracts offered to foreign companies.

Despite holding the world's third-largest proven oil reserves and the second-largest natural gas reserves, Iran has been unable to develop its resources to their full potential due to international sanctions related to its nuclear program. But foreign companies also complain that a staunchly nationalist bureaucracy is an impediment to investment.

However, the election of President Hasan Rouhani in June has heralded a shift to a more moderate international stance in a bid to end Iran 's diplomatic isolation and improve the economy which has been badly affected by tight international sanctions.

While sanctions remain in place, foreign oil companies will find it difficult to answer any invitation to invest in Iran . Talks between Iran and the United Nations International Atomic Energy Agency are set to resume on Sept. 27.
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