Siemens to invest $100m in Iran’s energy sector

By Trade Arabia


Siemens, a global technology powerhouse, is planning to invest around $100 million in Iran’s energy sector as part of its strategy to boost its presence in the Persian country, said a report.
The company is looking at pumping money into Iran’s lucrative oil and gas industries, reported Shana, citing Peter Adam, the vice president for oil and gas of Siemens Industrial Application Division.
“We are really surprised by the skill of manpower, the quality of work and its details as well as reasonable price of services in Iran are really extraordinary, when compared with other countries,” Adam was quoted as saying in the report.
“Good quality, good price and efficient manpower make Iran an ideal place for investment by foreign oil companies,” he added.
Earlier in March 2016, Siemens had signed a contract worth $3.5 billion with the Iranian industrial group Mapna.