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German Firms Seek to Secure €5.5b Insurance Coverage for Iran Energy Projects

A senior Iranian energy official called for hastening banking and insurance relations between Iran and Germany, saying, "Germans hope to resolve an issue with insurance ceiling for Iranian projects to offer up to €5.5b in insurance coverage of projects in Iran."

Speaking with Shana, Roknoddin Javadi, managing director of National Iranian Oil Company (NIOC), talked about the highlights of his Tuesday meeting in his Tehran office with German deputy minister of economic affair and energy.

He said resolution of banking restrictions between the two countries was the chief topic of discussion during the meeting.
Javadi said German companies have signaled their willingness to join energy projects in a ban-free Iran.

"German banks are kept behind the countrys industries and we asked Germans to spur their banks into more cooperation with Iran abreast with their industries," the official said.

He said the German delegation has said that middle-sized banks have started their activities in Iran and other German banks will gradually start their activities in the OPEC member.

"This is right, but we expected them to accelerate this trend," said Javadi.
Oil Turbo Compressor Company from Iran and Siemens have agreed to launch a new company in Iran to pursue construction of new turbines and turbo compressors inside Iran.

Referring to South Pars blocked items by Siemens, Javadi said all the equipment has been freed but some have not yet been delivered.