Germany’s Wintershall, Iran’s National Oil Company seal MOU

Business Materials 12 April 2016 17:41 (UTC +04:00)

Baku, Azerbaijan, Apr. 11

By Khalid Kazimov - Trend:

Germany's Wintershall Holding, a large crude oil and natural gas producer, and National Iranian Oil Company (NIOC) have signed a memorandum of understanding (MOU) in research and development (R&D), SHANA news agency reported Apr. 12.

Commenting on the deal, Ali Kardar, NIOC director for investment and funding, said there is a chance for R&D cooperation between the NIOC and Wintershall, according to the report.

Under the MOU, over the next month the companies will exchange data and then the German company will study four reserves in western parts of Iran, added Kardar.

According to him, Wintershall has never had activity in Iran, but the company had several projects in Iraq, Libya and other African states.

The official, saying Wintershall is a subsidiary of the BASF, added that BASF is planning to have economic activities in Iran.

The SHANA report did not provide further information on the terms of the MOU.