Iran committed to meet world’s energy needs

Business Materials 20 July 2015 17:31 (UTC +04:00)

Baku, Azerbaijan, July 20

By Fatih Karimov - Trend: Iran is committed to meet the world's energy needs, Iranian Oil Minister Bijan Namdar Zanganeh said.

Iran is situated in the heart of a regional market with 300 million people and can export products to all of the regional countries, Iran's IRNA news agency quoted Zanganeh as saying July 20.

Iran holds the world's biggest natural gas reserves and the fourth biggest crude oil reserves and have potential to meet the world's energy needs effectively, he noted.

The country's new model of oil contracts will be unveiled in September, he said.

Zanganeh made the remarks in a meeting with Germany's Minister for Economic Affairs and Energy Sigmar Gabriel, who is leading a high-ranking delegation to Tehran.

There are fertile grounds for boosting cooperation with Germany in refining, gas storage, petrochemical, automotive, and renewable energy industries, Zanganeh said, adding that Germany is a reliable and trustworthy partner for Iran.

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.

Zanganeh has already said that the country can pump more, 0.5 million barrels per day of oil to markets a month after lifting the sanctions and this volume can reach 1 mb/d in six months.

Before the western sanctions on Iran, the country was exporting 2.5 mb/d of oil, but the figure has fallen to 1.2 mb/d in 2014 and 1.4 mb/d in recent months.

Edited by CN