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"Iran oil output to hit 4.7 mbpd soon"
Oil Minister Bijan Namdar Zanganeh said Iran will raise its oil recovery to 4.7 million barrels per day 'in the near future' and unveil its new Iran Petroleum Contract (IPC) in the month which begins on August 23, 2015.
He made the remarks on Monday in a meeting with a delegation of German state officials and executives of industries and businesses headed by Economy Minister Sigmar Gabriel on their visit to Tehran, Press TV reported.
"Iran has the world's biggest hydrocarbon reserves and deems itself responsible for global energy security," Zanganeh said.
"Iran's gas production will exceed 1,000 million cubic meters per day in the next three days. Moreover, oil production is expected to reach 4.7 mbpd in the near future," he added.
Iran also plans to restore its oil production which was cut by half due to intensified Western sanctions. To achieve that goal, Iran has lined up new contracts to attract foreign investors to its ageing oilfields.
Zanganeh said he hoped German companies would participate in Iran's oil industry projects once the new contracts are announced.
"Investment in the petrochemical sector, refining, storage, energy use optimization and development of new energies are among the projects open to German companies," he said.
Gabriel is heading a delegation which includes executives from Linde, an industrial gas and engineering company, and Europe's biggest engineering company, Siemens, as well as representatives of other major German firms.
In a joint news conference with Zanganeh, Gabriel said it was time for Iran and Germany to "open a new chapter in economic ties", said the Oil Ministry website, Shana.
"Some people believe the effects of the nuclear agreement will not be tangible but we want to prove this accord will kick start economic cooperation and have positive impact on the lives and prosperity of the people and lead to a boom in business," it quoted Gabriel as saying.
Zanganeh said Iran is also counting on small- and medium-size German companies to implement the projects.
"For contracting and EPC (engineering, procurement, construction) contractors, it is in the best interests of the German companies to register in Iran and work along with Iranian firms," he said.
"Iran has a very valuable educated workforce which Germany companies can use," he added.
Zanganeh said the most immediate hurdle to bilateral trade was banking and insurance restrictions created by the sanctions.
"We hope this will be resolved as soon as possible to facilitate the immediate cooperation of the companies."
The minister said Iran and Germany will soon hold their first joint trade meeting after a 14-year lapse.
German officials foresee bilateral trade, which totaled €2.7 billion ($3 billion) in 2014, expanding to €6 billion or €7 billion in 2016.
Iran oil output to hit 4.7 mbpd soon

Oil Minister Bijan Namdar Zanganeh said Iran will raise its oil recovery to 4.7 million barrels per day 'in the near future' and unveil its new Iran Petroleum Contract (IPC) in the month which begins on August 23, 2015.
He made the remarks on Monday in a meeting with a delegation of German state officials and executives of industries and businesses headed by Economy Minister Sigmar Gabriel on their visit to Tehran, Press TV reported.
"Iran has the world's biggest hydrocarbon reserves and deems itself responsible for global energy security," Zanganeh said.
"Iran's gas production will exceed 1,000 million cubic meters per day in the next three days. Moreover, oil production is expected to reach 4.7 mbpd in the near future," he added.
Iran also plans to restore its oil production which was cut by half due to intensified Western sanctions. To achieve that goal, Iran has lined up new contracts to attract foreign investors to its ageing oilfields.
Zanganeh said he hoped German companies would participate in Iran's oil industry projects once the new contracts are announced.
"Investment in the petrochemical sector, refining, storage, energy use optimization and development of new energies are among the projects open to German companies," he said.
Gabriel is heading a delegation which includes executives from Linde, an industrial gas and engineering company, and Europe's biggest engineering company, Siemens, as well as representatives of other major German firms.
In a joint news conference with Zanganeh, Gabriel said it was time for Iran and Germany to "open a new chapter in economic ties", said the Oil Ministry website, Shana.
"Some people believe the effects of the nuclear agreement will not be tangible but we want to prove this accord will kick start economic cooperation and have positive impact on the lives and prosperity of the people and lead to a boom in business," it quoted Gabriel as saying.
Zanganeh said Iran is also counting on small- and medium-size German companies to implement the projects.
"For contracting and EPC (engineering, procurement, construction) contractors, it is in the best interests of the German companies to register in Iran and work along with Iranian firms," he said.
"Iran has a very valuable educated workforce which Germany companies can use," he added.
Zanganeh said the most immediate hurdle to bilateral trade was banking and insurance restrictions created by the sanctions.
"We hope this will be resolved as soon as possible to facilitate the immediate cooperation of the companies."
The minister said Iran and Germany will soon hold their first joint trade meeting after a 14-year lapse.
German officials foresee bilateral trade, which totaled €2.7 billion ($3 billion) in 2014, expanding to €6 billion or €7 billion in 2016.
Iran oil output to hit 4.7 mbpd soon