News / Energy

Siemens to invest in Iran’s petchem projects

Monday, 22 August 2016 4:54 PM [ Last Update: Tuesday, 23 August 2016 3:43 AM ]

German engineering giant Siemens is holding talks to invest in Iran’s petrochemical projects.

Iran’s media say German engineering giant Siemens has started talks to invest in the country’s petrochemical industry in a fresh sign of growing post-sanctions opening in the business environment of the Islamic Republic.

Mehr News Agency reported that Siemens is already engaged in serious negotiations with Iran’s Ministry of Petroleum over investing in a certain number of the country’s petrochemical projects.

The report added that a ranking delegation from Siemens had visited Tehran over the past few days to meet the related Iranian officials for investment talks.

It also said that another topic in the meetings of the German firm with Iranian officials was providing the advanced technology as well as the related technical and management solutions for Iran’s petrochemical projects.

In May, Siemens reported a rise in its second-quarter profit by €130 million in what it says was a result of the promising prospects of future activities in Iran.

The company announced in a statement that the resurgent business prospects in Iran after the removal of international sanctions has already increased its expectations of second-quarter revenues by €174 million.

The Munich-based company has always been one of the most active German enterprises in Iran. Even during the multiple years of sanctions that a majority of foreign companies left the Islamic Republic, Siemens kept its office in Tehran open to maintain its business in the country.

It has been mostly providing engineering services as well as technical parts including turbines to Iran’s gas projects. After the removal of the sanctions against Iran in January, it became even more active to pursue an ambitious Iran investment agenda.

In March, the company signed memoranda of understanding on rail infrastructure and gas equipment projects potentially worth billions of euros, as well as an energy agreement with Iranian power and infrastructure group MAPNA.

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