German BASF talks on future business in Iran
Baku, Azerbaijan, Jan.28
By Leman Zeynalova – Trend:
German BASF company will continue to conduct business in Iran in compliance with all applicable legal regulations, the company told Trend.
BASF said it is generally against sanctions or any other measures that limit free trade.
“BASF will continue to conduct business in Iran in compliance with all applicable legal regulations. We still hope on either a positive influence by the EU on the US administration or a further diplomatic solution to the issue.”
The company said its net sales in Iran was about 80 million euros in 2017. “About 50 percent of our net sales were generated in the affected industries Automotive, Energy and Petrochemicals.”
German BASF’s Wintershall oil and gas exploration subsidiary signed a memorandum of understanding (MOU) with the Iran’s NIOC in April 2017 to carry out studies for development of Dehloran oil field and submit the study results and development proposal to the NIOC.
Dehloran oil field is located 120 kilometers from west of Dezful, Khuzestan Province, and its development project includes major maintenance and remedial treatments on old oil wells, drilling new wells as well as construction of new desalination units.
The field contains 5.2 billion barrels of in-situ oil reserves, with API of 30.
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