Iran, German bank resume oil partnership

News ID: 3802293 -
TEHRAN, Oct. 22 (MNA) – Deputy oil minister said oil cooperation between Iran and Germany’s Deutsche Bank have been resumed.

Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia touched upon lack of cooperation on the part of major European banks with Iran especially as regards oil deals in the post-JCPOA era and added “however, unlike the past when collaborations were limited to small European banks, prominent banks are also boosting their ties with Iran.”

“Transactions with Deutsche Bank of Germany were resumed a few days ago for conducting a number of oil deals,” stressed the official asserting that several other major European banks will reinvigorate ties with Iran in coming days.

Zamaninia, while pointing to the held talks with giant oil companies over new oil partnerships under IPCs (Iran Petroleum Contracts), said “a number of firms are still harboring doubts about launching cooperation with Iran within the framework of the new model for Iranian oil contract though negotiations are still underway.”

“Talks are being conducted in order to introduce IPCs to foreign companies, European ones in particular,” maintained the official adding “developments have emerged in negotiations with several major European companies the results of which will be announced within weeks.”

Germany’s Deutsche Bank had officially suspended banking activities in Iran in 2006 especially in areas of crude or oil product sales.

In 2007, Deutsche Bank spokesman Ronald Weichert then confirmed that it was pulling out of Iran, a country where it derives just 0.1% of its revenue, because it didn’t make business sense to stay.

HA/3802071

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