EU to continue coop. with Iran in manufacturing oil equipment

TEHRAN, May 19 (MNA) – Chairman of Iranian Petroleum Industries Equipment Manufacturers Association said that while major European companies are cautious to do business with Iran in fear of US sanctions, smaller companies have already signed deals with Iran.

"Smaller European companies are continuing their cooperation with the Islamic Republic of Iran and even a number of these companies have recently inked agreements with us without any worrying about the consequences of US sanctions," Reza Khiamian added.

He then noted the EU's plan to reactivate a 1996 law that would protect European companies doing business with Iran from US sanctions, adding “a number of European companies which have interests in the US said they would cut off cooperation with Iran, but some of them said that they intend to continue cooperation with us even after US pullout from the nuclear deal."

Iran attaches great importance to cooperation and interaction with foreign companies, he said, adding, “most foreign firms highly welcome working with the Iranian side in manufacturing parts and equipment in the petroleum industries.”

The 'blocking statute' allows European Investment Bank to back EU investment in Iran, which can be particularly beneficial for the small and medium sized enterprises (SMEs).

MA/IRN82919820

News Code 134155

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