The country expects to sign deals for at least 50 oil and gas projects in the next five years, after the world powers lift sanctions.

Iran has recently signed a nuclear agreement with the US and European countries to provide international observers access to its nuclear sites, in exchange of lifting of certain sanctions.

The Iranian market will be opened to the European companies, once the sanctions are lifted. However, the country expects the trade to be two-sided instead of mere imports from Europe.

Iran Industry, Mines and Trade Minister Mohammad Reza Nematzadeh was cited by Reuters as saying that the country plans to rebuild its oil and gas, metals and car industries while also focusing on potential exports to Europe.

Nematzadeh said: "We are looking for a two-way trade as well as cooperation in development, design and engineering."

Without disclosing details, Iran Commerce and International Affairs Deputy Oil Minister Hossein Zamaninia said: "Even in the past couple of weeks we have approved more than $2bn of projects in Iran by European companies."

Iran, which is estimated to have 30 billion barrels of crude reserves, is considering exporting around 200,000 barrels per day of reserves, reported RT.

The country also plans to introduce a new contract model, integrated petroleum contract (IPC), in preparation for possible talks with overseas firms.

"This model contract addresses some of the deficiencies of the old buyback contract and it further aligns the short- and long-term interests of parties involved," Zamaninia added.

Within next two to three months, Iran plans to unveil its newly identified projects and new contract model.

Zamaninia said that the sanctions against oil and gas sector in Iran are expected to be lifted in late October or early November this year.

The European companies are hoping to benefit from the lifting of sanctions, with Germany already sending a delegation, led by Minister for Economic Affairs and Energy Sigmar Gabriel, to Iran.

According to reports, Russian giant Lukoil is planning to resume development of Azar field in Anaran block in Iran.

Image: Iran is estimated to hold 30 billion barrels of crude reserves. Photo: courtesy of John Kasawa / FreeDigitalPhotos.net.