Britannia Radio

Iran invites Germans to participate in its oil, gas market www.chinaview.cn  2009-05-06 23:53:12     Print     TEHRAN, May 6 (Xinhua) -- Iran has invited German companies and industries to participate in the country's gas and oil market, the official IRNA news agency reported on Wednesday.     Iran's Oil Minister Gholam-Hossein Nozari asked the German owners of gas and oil industry to "easily enter Iran's market."     He made the remarks in a meeting with German managers of oil and gas-related industries in Germany.     "Iran is a big country and since it is developing, it needs further cooperation in order to meet its pre-planned objectives," he said.     Accordingly and on the basis of the country's long-term plan, "the oil industry requires 25 billion U.S. dollars of investment annually," he told the Germans.     Nozari left Iran for Germany on Tuesday for talks with German companies, on "making investment in Iran's oil and gas projects."     During his visit to Germany, he would encourage German companies for more active presence in Iran's gas and oil projects, Nozari was quoted as saying by IRNA before leaving the country.     In April, Hassan Torbati, head of the National Iranian Oil Company Dispatching Center said that a German firm is seeking a long-term purchase of Iran's natural gas.     The German company Bayerngas, which is involved in trading and transfer of natural gas, "is to open an office in Tehran," Torbati said.     Though the United Nations and the West have imposed sanctions against Iran over its sensitive nuclear program, Germany is still Iran's biggest trade partner in the European Union.     Around 50 German firms have their own branch offices in Iran and more than 12,000 firms have their own trade representatives in the country.     Several renowned German companies are involved in major Iranian infrastructure projects, especially in petrochemical sector.     According to Oil and Gas Journal, as of January 2009, Iran has an estimated 136.2 billion barrels of proven oil reserves, or roughly 10 percent of the world's total proven petroleum.     Iran's 2008 estimated proven natural gas reserves stand at some26.8 trillion cubic meters, second only to Russia, according to Oil and Gas Journal.