Tehran - Iran and Germany inked two Memorandums of Understanding to cooperate on producing modern hardware for the oil and gas industry, it was announced on Wednesday.
The MoUs were inked by Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi, German company Siemens Chief Technology Officer Siegfried Russwurm and Managing Director of Oil Turbo Compressor Group Saeed Mohtadi.
As per the MoUs, the two sides would work to modernize the machinery in operational areas, refineries and build turbines with new capacities.
Two days a go, German industrial group Siemens signed an agreement with Iranian power and infrastructure group Mapna about initiating cooperation after lifting the sanctions.
Siemens was the first major German company to sign a memorandum of understanding to work on Iran's railway infrastructure worth up to 1.5 billion euros ($1.6 billion) in early January.
Meanwhile, Mapna will acquire the technology to manufacture Siemens F-class gas turbines in Iran and the two parties will cooperate to deliver more than 20 gas turbines and associated generators over the next decade.
Siemens also signed a MoU to jointly develop a roadmap with Mapna to cooperate with the Iranian partner for updating Iran's national grid - the overall power and electricity system.
© IRNA 2016
