Gulf News- Wintershall, Germany’s largest oil and gas company is looking to invest in Iran as the country opens up for foreign investment following decades of sanctions over its controversial nuclear enrichment programme.

Mario Mehren, chairman of Wintershall said they signed a memorandum of understanding with Iran in April this year to look into certain assets but they are yet to bid for any project.

“Iran is very interesting for us. There is a lot of onshore oil. We have not seen yet the commercial framework related to petroleum contracts,” said Mehren addressing a press conference during Adipec.

Iran is trying to lure international companies that can make long-term investments worth billions of dollars and bring in technology after sanctions were eased in January.

Italy’s Eni and France oil giant Total have also shown interest in developing Iran’s oil and gasfields.