News ID: 233082
Published: 0344 GMT October 20, 2018

Official: European firms ready to cooperate with Iran's oil industry

Official: European firms ready to cooperate with Iran's oil industry

Dozens of European companies have voiced willingness to cooperate with Iran in developing its oil industry despite US sanctions, said the head of the Society of Iranian Petroleum Industries Equipment Manufacturers.

According to Fars News Agency, Reza Khayyamian said on Saturday, "110 small- and mid-sized European companies have declared their reardiness to start joint ventures with Iranian firms and start operation in Iran's oil and gas industries."

He stated that Iran intends to invite the European companies for talks with Iranian firms to take up joint ventures to implement projects in the country.

Despite the reimposition of US sanctions, many European and Asian companies have voiced their eagerness to cooperate with Iran.

The German ADL company inked an agreement with Iran's Sepahan Oil Company (SOC) in August in the transfer of technology.

CEO of Iran's SOC Mohammad Ebrahimi and CEO of Germany's ADL Michael Hyde signed the cooperation document despite the unilateral US sanctions against Iran and its withdrawal from the 2015 nuclear deal.

According to the cooperation document, the two sides are to cooperate in technology transfer in the field of oil and gas industry lubricants.

European embassies made lots of efforts to pave the way for signing the agreement, Ebrahimi said.

ADL will implement the project in cooperation with its Austrian and Swiss partners, he added.

In relevant remarks in the same month, an official with National Petrochemical Company (NPC) said that a major Asian consortium was planning to invest $7 billion in Iran's petrochemical industry.

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