Iran in talks with Siemens, Rolls-Royce on energy investment: minister

The Iranian energy minister said the country has opened talks with British aero engine-maker Rolls-Royce and German industrial group Siemens to ramp up foreign investment in its energy infrastructure.

19 July 2016
ID : 1162
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The Iranian energy minister said the country has opened talks with British aero engine-maker Rolls-Royce and German industrial group Siemens to ramp up foreign investment in its energy infrastructure.

No deals were struck but Siemens and Rolls-Royce are interested, Hamid Chitchian said after a meeting with representatives of both companies in London earlier, the Financial Times reported on Saturday. 

The Iranian minister further expressed the hope that Tehran and the companies could “reach a result” soon.

“We have received various proposals for investment inside our country; some for building power stations and some to manufacture power plant equipment,” Chitchian added.

Elsewhere in his remarks, he said banking problems are still hampering the progress of economic relations between the Islamic Republic and its trade partners despite a lasting nuclear deal between Tehran and world powers.

There are “still some problems” because of the “slowness” of banks in resuming relations with Iran, but the “trend is positive”, Chitchian said.

While the nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), came into force in January, some Iranian officials complain about the US failure to fully implement the accord.

Back in March, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said Americans have yet to fulfill what they were supposed to do as per the nuclear deal.

Iran still has problems in its banking transactions or in restoring its frozen assets, because Western countries and those involved in such processes are afraid of Americans, the Leader said at the time, criticizing the US for its moves to prevent Iran from taking advantage of the sanctions removal.

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