An Iranian company has signed a cooperation agreement with Germany�s Fuchs Petrolub, the world�s largest independent manufacture of lubricants, to produce grease.�

Sepahan Oil Company (SOC)�s technical cooperation agreement envisages establishing a plant for manufacturing and supplying grease under the Fuchs license in the central Iranian city, the SOC said in a statement.

The German company will work with the SOC as a consultant on transfer of technology for production of high-quality lubricants.

Greases and lubricants are used in automobiles and motorcycles, transportation and construction, mining and steel industries.

Iran is the largest automotive market in the Middle East with its population of 80 million. The country sold 1.1 million cars last year, with new sales expected to reach 1.6 million in 2020, according to US research company IHS Automotive.

Iran also has a massive transportation and water supply network and a mammoth construction sector as well as sprawling urban centers.

The country�s mining industry is largely dedicated to production of steel which is crucial to its massive oil and gas industry and its automotive sector.

Lately, Deputy Minister of Industry, Mines and Trade Mehdi Karbasian has said Iran will tender 15 mining projects for development within the next four months.

In July, Iran introduced $29 billion worth of mining projects to a trade and investment conference held with the EU in Vienna to discuss post-sanction opportunities for cooperation.

By Press TV