Siemens looking for $100mln investment in Iran's energy sector

Vice President for Oil and Gas in the Industrial Application Division of Siemens, Peter Adam, said that his company is planning to invest hugely in Iran's oil and gas industries.

Adam said that Siemens is looking for a total investment of $100 million in Iran's energy projects.

"We are really surprised by the quality of manpower, the quality of work and its details and that of reasonable price of services in Iran, when compared with other countries," the senior Siemens official said, adding that good quality, good price and efficient manpower make Iran an ideal place for investment by foreign oil companies.

In a relevant development in March 2016, the Iranian industrial group MAPNA and the German equipment manufacturer, Siemens, signed a contract worth $3.5bln.

EA