German Wintershall evaluates investing in Iran

EghtesadOnline: German Wintershall has announced that it is evaluating technical data on four Iranian onshore fields.

News ID: ۷۳۷۴۲۲

09 October 2016

Wintershall upstream chief Martin Bachman accompanied  German economy and energy minister Sigmar Gabriel in his visit to Iran and took part in several meetings. The BASF-owned upstream firm is evaluating whether to invest in Iranian fields, following a memo of understanding signed in April.

According to ISNA, a Wintershall spokesperson has said earlier that the company is analyzing technical data on four onshore fields as part of an agreement with the National Iranian Oil Company (NIOC).

The spokesman went on to say that the terms of the government contract setting out the legal and economic framework, including taxes and duties are not yet available, adding they will be key to any investment decision by Wintershall.

A subsidiary of BASF, Wintershall is Germany's largest internationally active crude oil and natural gas producer.It has been active for over 85 years and has a workforce in excess of about 2,000 employees from more than 40 nationalities.