German Deutsche Bank resumes co-op with Iran
Baku, Azerbaijan, Oct. 22
By Fatih Karimov – Trend:
Germany’s Deutsche Bank has resumed cooperation with Iran, Amir Hossein Zamaninia, Iran’s deputy oil minister for International Affairs, said.
Cooperation with the German bank started in recent days for conducting certain oil deals, Zamaninia said, Mehr news agency reported Oct. 22.
He further said that several leading European banks will start transactions with the Islamic Republic in the coming days as well.
Deutsche Bank suspended doing business with Iran in 2007 under the US Treasury pressure.
The international sanctions against Iran which targeted its banking and oil sector came to an end in January 2016, after Tehran reached a historic nuclear deal with world powers last year.
Zamaninia, further touched upon the negotiations with major oil companies to resume cooperation with Iran within the framework of the under the newly developed model Iran Petroleum Contract (IPC), saying that a number of firms are still cautious about resuming the cooperation.
Negotiations with the companies are still underway, he added.
Iran plans to develop 49 oil and gas projects based on IPC.
The Islamic Republic has planned $185 billion worth of oil and gas projects by 2021 and hopes to attract foreign investments by using IPCs.
Unlike the old contracts, IPC allows foreign companies to sign long-term contracts with Iran (20-25 years) and receive a percentage of produced oil as long as the field is active. This would encourage a foreign company to increase the field's recovery rate to receive more oil in the long term.