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German companies to invest in Iran's oil, petchem projects: report

Xinhua, January 24, 2017 Adjust font size:

German major oil and petrochemical companies have offered to invest in the Iranian oil and petrochemical sectors, Tasnim news agency reported on Tuesday.

A total of 12 billion U.S. dollars in finance have been offered by the German companies, including the chemicals manufacturing corporation BASF.

BASF, whose managing director paid an official visit to Iran last year as a member of a delegation accompanying German Economy Minister Sigmar Gabriel, has offered to invest six billion U.S. dollars project in a petrochemical project in the south of Iran.

Wintershall Holding GmbH, Germany's largest crude oil and natural gas producer, is another company that has signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) to make studies on four oil fields in the west of Iran.

One year after the sanctions against Iran were lifted, several international companies have started negotiations to establish themselves in Iran's oil and gas projects.

Iran possesses one of the world's largest oil and gas reserves. Endit