Several major oil and petrochemical companies from Germany have expressed their interest in investing in the Iranian oil sector. The companies including BASF say they are ready to invest a total of $12 billion in Iran.
BASF has offered to invest in a 6-billion-dollar project to establish petrochemical sites in southern parts of Iran.
The company’s managing director was a member of an official delegation that visited Iran in 2016 headed by German Economy Minister Sigmar Gabriel.
Wintershall Holding GmbH, Germany's largest crude oil and natural gas producer and a wholly owned subsidiary of BASF, has already signed a memorandum of understanding (MOU) with the National Iranian Oil Company (NIOC) to conduct research on four oil fields west of Iran.
Iranian oil officials held a number of meetings with German companies last year.
If finalized, the talks can lead to signing several contracts worth $12 billion between the two sides.
Since the implementation of the nuclear deal between Iran and P5+1 group of countries (Russia, China, the U.S., Britain, France and Germany) in January 2016, there has been a new wave of interest in investment in Iran by a growing number of countries.
The deal, also known as the Joint Comprehensive Plan of Action (JCPOA) put an end to all nuclear-related sanctions imposed on Iran.
The promising prospect of trade with Iran has prompted major European countries to explore the market potential in the country.