News ID: 150776
Published: 0319 GMT May 04, 2016

Iranian, German companies ink MoUs on gas, oil

Iranian, German companies ink MoUs on gas, oil

Iran and Germany have signed some memorandums of understanding (MoUs) on cooperation in sectors of oil and natural gas.

The MoUs were sealed by the National Iranian Oil Company (NIOC), Tehran-based Oil Turbo Compressor Company (OTC) and Germany’s Siemens.

NIOC chief Rokneddin Javadi and OTC director Sa’eed Mohtadi struck the energy cooperation deals with Siegfried Russwurm, member of the managing board of Siemens AG and its chief technology officer, IRNA reported.

Under the agreements, the parties involved will work jointly to overhaul equipment and facilities at Iran’s oil operations and refineries and also to develop higher-capacity turbines used in the industry.

IRNA added that Siemens on Tuesday singed a separate MoU with Iran’s National Gas Company to develop compressors and increase the existing system’s output capacity.

Back in February, head of Siemens Joe Kaeser met with Iran’s Minister of Petroleum Bijan Namdar Zangeneh in Tehran to work out details of an initial agreement the company clinched a month earlier on bilateral trade.

The minister said Iran needed Siemens’s gas compressors and machinery to revive its revved-up production.

Siemens had been the main provider of gas turbines and compressors to Iran’s oil projects for decades, winning major contracts in the country.

In 2010, Siemens reportedly made over $967 million more than the previous year in Iran on the back of several contracts which included a $420 million deal to provide the country with 150 locomotives and also gas turbines and compressors.

   
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