Iran, Germany to seal oil equipment deal

TEHRAN, May 01 (MNA) – An Oil Industry Equipment Producing Association official said Iran and Germany will soon ink an agreement on building oil goods and equipment.

Heading the association’s board of directors, Reza Khayamian pointed to the constructive talks with European oil companies on partnership in constructing oil industry equipment saying “on the basis of the 6th Development Plan, the country needs to attract 200 billion dollars of investment 60 per cent of which will be devoted oil industry appliances.”

“In a five-year period, producers will have access to a 100-billion-dollar market in the region in addition to Iran,” highlighted the official asserting “in the current circumstances, Iraq remains as the largest market available to Iranian oil producers.”

Khayamian emphasized that Iraq has put 300 billion dollars of investment on the agenda to reach a daily production of nine million barrels; “furthermore, the neighboring countries makes further investments to maintain its crude production capacities on a yearly basis.”

He also referred to a recent visit of State Oil Company of Azerbaijan Republic (SOCAR) officials to Tehran stating “negotiations have been held with SOCAR on supplying equipment required by some projects at Azerbaijan’s oil and gas industries.”

Khayamian further highlighted that “in time with the visit of Germany’s Vice Chancellor and Economy Minister Sigmar Gabriel later this week, a Memorandum of Understanding will be signed with Germany in areas of oil equipment production though a similar agreement had been previously inked with Italy.”

By Mehr News Agency