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Iran to increase crude output following removal of sanctions: minister

Xinhua, July 21, 2015 Adjust font size:

Iran will increase its crude output to a significant level after the western sanctions against Iran's oil industry are removed according to the recent nuclear agreement, Iran's Oil Minister Bijan Zangeneh said here on Monday.

The country plans to boost its oil production capacity to nearly 4.7 million barrels a day in the near future, Zangeneh said during a meeting with the members of a German business delegation in Tehran.

Zangeneh called on the German companies to enter into Iran post-sanction petroleum projects.

"Iran will cooperate with German companies for funding projects in the petrochemical, refining, storage, energy optimization and renewable energies sectors," he said.

"We are not merely targeting major German companies in our plans; we are also focusing on small and medium scale German companies for completing projects in Iran," he said.

German companies can register in Iran and work along with Iranian firms; they can also take advantage of Iranian educated workforce to boost their trade activities in the country, Zangeneh said.

German firms shall not limit their focus on the Iranian market only, they can take advantage of Iran's status in the region to access larger markets, he added.

Zangeneh said he hopes the nuclear agreement between Iran and the world powers will remove banking and insurance restrictions on Iran's trade transactions with Germany.

For his part, the head of German delegation, the Vice Chancellor Sigmar Gabriel, said that time is proper for Iranian and German companies to open a new chapter in the economic cooperation of both countries.

The nuclear agreement between Iran and the powers will have positive impact on Germany-Iran bilateral ties, he said.

The delegation of representatives from top German companies and industrial groups arrived in Tehran on Sunday to hold talks with senior Iranian officials in a bid to boost trade between Tehran and Berlin.

The German delegation arrived in Tehran on Sunday for a three-day visit, following the nuclear agreement between Iran and the world powers last week to curb Iran's sensitive nuclear program in return for the removal of international and western economic sanctions. Endit