NIOC, Wintershall sign MoU on Iranian oilfields

The Islamic Republic of Iran and Germany's largest internationally active crude oil and natural gas producer, Wintershall, have signed a memorandum of understanding (MoU) on a number of oilfields in Iran’s west.

The National Iranian Oil Company (NIOC) and BASF's Wintershall oil and gas exploration subsidiary signed the document on research over four oilfields in western Iran, IRNA reported.

The official news agency added that Roknoddin Javadi, head of the NIOC, and Mario Mehren, director of Wintershall, struck the deal in the Iranian capital, Tehran, on Tuesday.

Based on the MoU, the two sides will exchange relevant information on the oilfields and the German giant will afterwards begin research over the fields within the next month.

Foreign media have also echoed the news of the Tuesday agreement, with reports quoting the Germany-based firm as saying in a statement that "in order to prepare for possible further activities in the region, Wintershall recently signed an MOU with NIOC about a potential future cooperation."

The reports stopped short of elaborating on the details of the MoU over ‘confidentiality.’

Meanwhile, IRNA noted that BASF itself has already drawn plans to participate in Iran’s petrochemicals sector.

It said German companies are set to invest some 12 billion dollars in Iran’s petrochemicals sector.

SS