German companies voice interest in investing $12bn in Iran’s oil industry

27 Jan 24 Jan, 2017

Several major oil and petrochemical companies from Germany have expressed its interest in investing in the Iranian oil sector. The companies including BASF are ready to invest a total of $12bn in Iran. BASF has offered to invest in a six-billion-dollar project to establish petrochemical sites in southern parts of Iran. Wintershall Holding GmbH, Germany’s largest crude oil and natural gas producer and a wholly owned subsidiary of BASF, has already signed an MoU with the National Iranian Oil Company (NIOC) to conduct research on four oil fields west of Iran. Iranian oil officials held a number of meetings with German companies last year. If finalized, the talks can lead to signing several contracts worth $12 bn between the two sides.

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