German company ready to return to Iranian market

Oil&Gas Materials 26 June 2015 13:22 (UTC +04:00)

Baku, Azerbaijan, June 26

By Fatih Karimov - Trend: TIB Chemicals Company of Germany is ready to return to the Iranian market and reopen its office in Tehran, said Rainer Kuprion, the business director of the company.

"We are ready to return to Iran's oil and petrochemical industries and expand cooperation once the sanctions [on Iran] are lifted," Iran's Mehr news agency quoted Kuprion as saying June 26.

"The company started supplying its products to the Iranian market in 1990. But, we have faced problems in recent years to establish links with Iranian industrialists," he added.

He referred to money transaction as the main problem, because few banks provided the company with the service.

TIB Chemicals is specialized in the production of basic chemicals, inorganic specialty chemicals and coating systems.

Iran Oil Minister Bijan Namdar Zanganeh has urged German firms to boost presence in the Iranian market.

Speaking at the "Energy Security Summit", which took place on May 7 in Berlin, Zanganeh said that what is important after the lifting of sanctions is that Iran should regain its share of the oil market.

"We have prepared required infrastructures and the government will support investors," Zanganeh added.

Meanwhile, in am meeting with a number of managers of German energy companies in Berlin, Zanganeh emphasized the need for modern technologies in the Iranian oil and gas industries.

Iran plans to invest $180 billion by 2022 to boost its energy infrastructure, he said.

Currently Iran produces and exports 2.8 mb/d and 1.1 mb/d of crude oil respectively.

Iran and P5+1 Group (UK, France, Germany, the United States, Russia and China) reached a nuclear framework agreement April 2. The sides are in talks to reach a comprehensive nuclear deal by June 30, which would enable Iran to get rid of economic sanctions, including those imposed on purchasing Iranian oil in global markets.

Edited by CN