Austrian company eyeing to resume energy ties with Iran

/By AzerNews/

By Sara Rajabova

Austrian companies are seeking to resume energy cooperation with the Islamic Republic following the removal of sanctions imposed on Iran over its nuclear energy program.

A major Austrian oil company has recently announced its readiness to purchase crude oil from Iran, following suit with other European companies that have already taken similar steps.

CEO of ROTH Group Oil International, Rudi Roth, said his company is mulling plans to start purchasing crude oil from Iran.

In an interview with SHANA news agency on September 13, Roth said his company cooperated with Iran in crude trade in the past, expressing hope that following removal of sanctions against Iran, it would once again start purchasing Iran's oil.

He also stated that his company could help Iran sell its oil in European markets and transfer Iran's oil to major refineries that cooperate with ROTH group.

ROTH group is one of the biggest oil companies in Austria, which runs a large number of fuel stations as well as a number of small oil refineries across Hungary and Austria. The company has about 30,000 employees and is active in various fields related to oil and gas industry.

Iran has long been eyeing to supply to supply the European Union with its natural gas. The removal of sanctions under the recent nuclear deal signed between the world powers and Iran enables Tehran to overcome obstacles in this regard.

Therefore, the Islamic country is considering various options to realize this goal.

Roth also pointed out that his company could offer expertise in building small biodiesel refineries.

Biodiesel, made from plant oils and other renewable material, has been received with great success in Europe, since it lacks sulfur and phosphate and is a very environmentally friendly product.

Roth was one of the companies that recently accompanied Austrian President Heinz Fischer to Tehran to seek new economic opportunities.

Austria and Iran have had historically strong trade ties that date back to the 18th century. However, due to the sanctions, the Austrian-Iranian trade volume, which amounted to almost one billion euros a decade ago, has declined during the last years to little over 200 million euros.

In the first quarter of 2015, Austrian exports saw a dramatic jump by over 60 percent, which is expected to further increase following the removal of sanctions.

A number of officials from Western countries have recently visited Tehran to discuss boosting ties in the aftermath of sanctions removal.

Earlier in July, world powers Britain, China, France, Germany, Russia and the United States, reached a nuclear deal with Iran, aiming to curb Tehran's nuclear drive in exchange for a gradual lifting of sanctions imposed on its economy since 2006.

With the sanctions gone starting from 2016, foreign investment is due to return to Iran, a country rich with oil and gas resources.