Germany to free up blocked Iranian oil equipment

Business Materials 21 July 2015 08:41 (UTC +04:00)

Baku, Azerbaijan, July 21

By Fatih Karimov - Trend: Germany will free up oil equipment belonged to Iran which has been blocked in Germany, said Mohammad Hossein Peyvandi, the deputy managing director of the National Iranian Petrochemical Company.

Peyvandi made the remarks in a meeting with Germany's Minister for Economic Affairs and Energy Sigmar Gabriel, who leads a high-ranking delegation to Tehran, Iran's Fars news agency reported July 20.

"There is lots of our manufactured oil equipment blocked in Germany. We negotiated to free up the equipment as soon as possible," Peyvandi said.

"Germany will also suffer losses, because they have not received the total sum of money. They have received 30 percent of the money and have manufactured the equipment," he added.

"We told the Germans that the Iranian petrochemical industry needs $70-80 billion over the next 10 years to boost production to 170 million metric tons annually, Peyvandi said.

German industrial giants along with tens of smaller companies, headed by Germany's Minister for Economic Affairs and Energy Sigmar Gabriel, arrived in Tehran on July 19 to discuss economic cooperation following conclusion of Iran's nuclear talks with the P5+1 group.

Linde, Siemens, Mercedes, BASF, Volkswagen Group, and GIZ are among the big German companies whose representatives accompany the delegation.

Edited by CN