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Official: Tens of European firms ready for cooperation with Iran’s oil industry

FNA – Head of the Society of Iranian Petroleum Industries Equipment Manufacturers Reza Khayyamian said dozens of European companies have voiced willingness to cooperate with Iran in developing its oil industry despite US sanctions.

“110 small and mid-sized European companies have declared preparedness to start joint ventures with Iranian firms and start operation in Iran’s oil and gas industries,” Khayyamian said on Saturday.

He said that Iran intends to invite the European companies to hold talks with fellow Iranian firms to start joint ventures to implement projects in the country.

Despite the re-imposition of the US sanctions against Iran, many European and Asian companies have voiced enthusiasm for cooperation with the country.

The German ADL company inked an agreement with Iran’s Sepahan Oil Company (SOC) in August to cooperate in technology transfer.

CEO of Iran’s SOC Mohammad Ebrahimi and CEO of Germany’s ADL Michael Hyde signed the cooperation document despite the US unilateral sanctions against Iran and its withdrawal from the 2015 nuclear deal.

According to the cooperation document signed between SOC and ADL, the two sides would cooperate in technology transfer in the field of oil and gas industry lubricants.

The European embassies made lots of efforts to pave the way for signing the agreement, Ebrahimi said.

ADL will implement the project in cooperation with its Austrian and Swiss partners, he added.

In relevant remarks in the same month, an official with the National Petrochemical Company (NPC) said that a major Asian consortium was planning to invest 7 billion dollars in Iran’s petrochemical industry.