TEHRAN, Iran—Iranian energy officials sketched out their vision of an economic détente with the West—promising a revamp of the energy sector and financial benefits for companies willing to re-engage with the Islamic Republic.

On the eve of a temporary easing of sanctions against the Islamic Republic, an Iranian deputy oil minister said Tehran was likely to spend billions of dollars in soon-to-be-unfrozen oil proceeds on buying a wide range of goods from U.S. and European companies.

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