Iran, Germany ready to sign €10B energy sector contracts

Business Materials 4 May 2016 17:50 (UTC +04:00)

Tehran, Iran, May 4

By Mehdi Sepahvand - Trend:

Talks between Iran and Germany in the energy sector have reached a point where the sides are prepared to sign 10 billion euros worth contracts, said Hushang Falahatian, deputy minister of energy of Iran.

Right now the Iranian Ministry of Energy is in talks with German counterparts on three power-related issues, he told Mehr news agency May 4.

The first issue is an arrangement with Siemens for transferring the technology and building class-F turbines, he explained.

Another area of cooperation will be joint investment for building new power plants, Falahatian added.

Iran's government has planned an annual investment of $5 million for building new power plants.

The official said the third area of cooperation would be the transfer of technical know-how to build the gas-insulated switchgear facilities in Iran.

A German delegation of nearly 150 companies is now in Tehran to explore the country for future cooperation opportunities.

A day earlier Iran's Deputy Minister of Economy Mohammad Khazaei said Germanys' famous insurance company Euler Hermes is ready to create 7 billion euros coverage for economic projects in Iran.