Germany Offers to Invest $12bn in Iran’s Oil Industry

Germany’s major oil and petrochemical companies, including BASF, have expressed their willingness to invest a total of $12 billion in the Iranian oil sector.

The Chemical company BASF, whose managing director paid an official visit to Iran last year as a member of a delegation accompanying German Economy Minister Sigmar Gabriel, has offered to invest in a six-billion-dollar project to establish petrochemical sites in southern parts of Iran.

Over the past year, numerous meetings have been held between Iranian oil ministry officials and German companies and if they are finalized and lead to contracts between the two sides, $12bln of investment will be made in Iran by the Western European country.

Wintershall Holding GmbH, Germany’s largest crude oil and natural gas producer and a wholly owned subsidiary of BASF, is another company that has signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) to make studies on four oil fields west of Iran.

(Source: Tasnim, under Creative Commons licence)

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