Siemens can start joint venture with any Iranian company: Zanganeh

March 5, 2016 - 20:18

TEHRAN- Iranian Oil Minister Bijan Namdar Zanganeh told Siemens it could start joint ventures with any Iranian company and export equipment to regional markets using the Siemens brand, Reuters quoted Shana news agency as reporting on Monday.

Siemens was already planning to work with Iran’s Oil Turbo Compressor Company, Shana said. 

Zanganeh made the remarks in his meeting with Joe Kaeser, the President and Chief Executive Officer of Siemens AG, in Tehran on Monday. 

Siemens said it could not comment on individual customers, contracts or agreements. 

German industrial group Siemens is stepping up its efforts to win projects in Iran.

"We want to pick up where we left off," Siemens said in a statement, citing its engagement in Iran since 1868, especially in the energy sector and rail transportation. "We see great pent-up demand." 

Siemens stopped doing new business in Iran in 2010 but last month signed deals to work on Iran's railway infrastructure worth up to 1.5 billion Euros ($1.7 billion) in anticipation of Western sanctions against Iran being lifted. 

"We never left the country and stand by our commitment also in difficult times, always compliant with international regulations. We'll now be stepping up our efforts toward continuing this long tradition," Siemens said. 

The chief executive of Siemens rival General Electric's oil and gas division also visited Iran recently, GE said earlier this month. 

Siemens, which had blocked the delivery of some equipment to Iran’s South Pars gas project due to sanctions against the Islamic Republic, has announced readiness to deliver the equipment. 

Siemens had promised to speed up the delivery of compressors and turbines for gas extraction, Zangeneh said following his meeting with Kaeser.

He said Iran needs to withdraw more gas, requiring it to purchase rotary machinery and wellhead compressors, and Siemens can be a good partner for Iran in this field.

Siegfried Russwurm, the member of the managing board of Siemens, said earlier this month “there are no legal restrictions anymore” to supply Iran with the equipment following the lifting of sanctions. 

Russwurm added that Siemens was closely monitoring investment opportunities in Iran’s oil, gas, railroad and transportation sectors. 

Foreign companies have flocked to Tehran since the United States, European Union and United Nations lifted international sanctions last month after reaching a deal over Iran’s nuclear program. 

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