Giant German Firms in Tehran Next Week

A high-ranking business and industrial delegation from Germany will visit Iran next week to discuss energy and economic ties with Iranian officials, a senior energy official announced on Friday.
“The delegation which will comprise of representatives of different German industrial companies, including Linde, Siemens, Mercedes-Daimler, Volkswagen, GIZ and tens of other German firms will arrive in Tehran in the coming days,” Oil Ministry Director General for Europe, US and Caspian Countries Hossein Esmayeeli said.

He noted that the 60-member delegation will be headed by German Vice Chancellor and Economy Minister Sigmar Gabriel.

Iranian Oil Minister Bijan Namdar Zanganeh announced on Wednesday that the German vice chancellor is planning to visit Iran in coming days.

Gabriel, also Germany’s economy minister, will head a high-ranking delegation during the visit to Iran that will take place at the invitation of the Iranian oil ministry.

The German vice chancellor’s visit to Tehran will take place after Iran and the six world powers inked the long-awaited sum-up agreement on Tuesday.

German companies have urged their government to boost efforts to promote trade relations with Iran as western sanctions imposed against Iran will be lifted soon.

Based on the agreement, the UNSC sanctions against the Islamic Republic, including all economic and financial bans, will be terminated at once under a mutually agreed framework and through a new UN resolution.

The nuclear-related economic and financial restrictions imposed by the United States and the European Union (EU) targeting the Iranian banking, financial, oil, gas, petrochemical, trade, insurance and transport sectors will at once be annulled with the beginning of the implementation of the agreement.

The arms embargo imposed against the Islamic Republic will be annulled and replaced with certain restrictions, which themselves will be entirely removed after a period of five years.

Additionally, tens of billions of dollars in Iranian revenue frozen in foreign banks will be unblocked.

A total of 800 natural persons and legal entities, including the Central Bank of Iran (CBI), the Islamic Republic of Iran Shipping Lines and the National Iranian Oil Company (NIOC), will be taken off sanctions lists.