Germany

"German companies look forward to the end of economic sanctions on Iran, which used to be an important trading partner. One family-owned firm [ESTA] specializing in extraction technology invited potential business partners from Iran to visit their company in southern Germany." (Deutsche Welle, "German firms ready to do business in Iran after sanctions," 12/28/15)

Germany’s export credit insurer Euler Hermes AG said on Friday it has guaranteed exports to Iran worth 200 million euros ($235.46 million) since 2016. The programme remains in place for now and companies can still apply guarantees, Hermes said.“ (UPDATE 1-German’s DZ Bank to halt Iran transactions in July,” Reuters, May 18, 2018)

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"German Economy and Energy Minister Brigitte Zypries said Euler Hermes–a leading provider of trade credit insurance–is interested in covering investments in Iran, especially in energy and electricity sectors." (June 28, 2017).

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The Head of Underwriting and Financial Institutions is listed as a speaker for Euler Hermes, at the 3rd Banking and Business Forum Iran-Europe, taking place in Frankfurt Germany from November 16-17, 2016. (Euro Finance Week, Speakers).

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"Iran has signed initial agreements with Germany’s Hermes insurance firm and Swiss Export Risk Insurance (SERV) to provide cover for transactions with Europe, IRNA news agency says. The Export Guarantee Fund of Iran (EGFI) signed the agreements in Lisbon on the sidelines of the annual meeting of Bern Union, an association of private and state export credit insurers from around the world, it reported Wednesday. Under the agreement, the Iranian and European sides will cooperate on “exchange of economic, trade and banking information, reinsurance coverage, coinsurance, and training.” IRNA quoted EGFI Managing Director Kamal Seyyed-Ali as saying that European export credit insurers were increasingly interested in financing projects after the lifting of sanctions on Iran." (Press TV,  "Iran signs deals with German, Swiss insurers," 10/26/2016).

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"Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions...European export credit agencies are guaranteeing trade finance for Western companies doing business with Iran. Germany's state run export credit group Hermes has concluded trade finance deals covering goods worth several million euros. "About a dozen transactions have been approved so far," a Hermes spokesman said. "The demand is there from the exporters' side but they need a lot of information. There is a continuous and rising flow of applications (for export credit guarantees)."  (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).

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Euler Hermes is a subsidiary Allianz of Germany.

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"The German Euler Hermes credit institution has agreed to establish a $5 billion credit line for Iran, Mohammad Khazai deputy minister of economy said Saturday. The credit is to be granted over 2-3 years. Hermes had previously guaranteed some loans for Iran but the country was unable to meet its commitments due to the international sanctions and lack of access to SWIFT interbank messaging service. 'We have agreed to pay Hermes over $500 million over the course of one year as soon as the economic sanctions are eased,' Khazai told Fars News Agency... 'We have held some preliminary talks with EKF, Denmark's official export credit agency, the Italian SACE group, the German Euler Hermes and the UK's Export Finance to prepare the grounds for persuading international banks and lending institutions to grant credit to and establish credit lines for Iran.'" (Financial Tribune, "Return of Int’l Credit," 12/27/15) 

On May 1, 2019, Winterhsall merged with DEA to form Wintershall Dea. BASF holds 67% of the shares in the joint venture. 

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Reuters lists Wintershall among companies that "signed contracts with Iran for oil and gas exploration, development and production, but froze their activities due to the sanctions...BASF’s Wintershall [RIC:RIC:RWEDE.UL] oil and gas exploration arm signed an MoU with the NIOC in April 2016 for investment in Iranian energy projects, but the deal was put on hold due to uncertainties over the economic sanctions."

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May not be able to funding for Iranian oil projects because of its parent company, BASF AG, a chemical company with major operations in the United States. (Benoit Faucon, "European Firms Start Pulling Back From Iran," The Wall Street Journal, May 16, 2018.)

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"BASF’s Wintershall oil and gas exploration subsidiary has signed a memorandum of understanding (MOU) with the National Iranian Oil Company (NIOC), it said on Tuesday, confirming a media report." (April 12, 2016)

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"Germany’s biggest oil and gas company Wintershall says it is looking into a plan to collaborate with Russia’s energy giant Gazprom over projects in Iran. (June 23, 2017).  

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Germany's energy major, Wintershall, has submitted its proposal for developing Iran's Dehloran Oilfield to National Iranian Oil Company (NIOC), which is now studying the plan. NIOC held a committee meeting of its advisors in reservoir management to consider the proposal on Monday, January 29, 2018. NIOC has said the German company plans to materialize Iran's production goals from the field in a sustainable manner." (January 29, 2018)

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"Wintershall, Germany’s largest oil and gas company is looking to invest in Iran as the country opens up for foreign investment following decades of sanctions over its controversial nuclear enrichment programme. Mario Mehren, chairman of Wintershall said they signed a memorandum of understanding with Iran in April this year to look into certain assets but they are yet to bid for any project. “Iran is very interesting for us. There is a lot of onshore oil. We have not seen yet the commercial framework related to petroleum contracts,” said Mehren addressing a press conference during Adipec." (Gulf News, "German oil company Wintershall plans to invest in Iran," 11/8/2016).

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"Wintershall is Germany's largest internationally active crude oil and natural gas producer." The company is a wholly-owned subsidiary of the German chemical group BASF. (Wintershall Website, "Company," accessed 12/9/15)

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"'Termination of sanctions will turn the world's attention to Iran,' Uwe Salge, Germany's Wintershall's new Middle East general manager, said. Underscoring the fact that the world is in dire need of natural gas as a clean source of energy, he said Iran can play a key role in supplying the much-needed energy as it holds an estimated 34 trillion cubic meters of gas, the world's largest proven reserves." (Financial Tribune, "Foreign Investors Awaiting Sanctions Removal," 12/5/15)     

"Despite the international sanctions that have choked off much of Iran's foreign trade, many German companies have continued to do business here-legally-in recent years. Now those companies are likely to be among the first to benefit from the country's expected reopening, after a U.S.-led deal in July to ease the sanctions in exchange for curbs on Iran's nuclear program. As of last year, more than 75 German companies had operations in Iran, according to the Tehran-based German-Iranian Chamber of Industry and Commerce. Most of them were small, family-owned businesses that make specialty products not directly covered by the sanctions, often for the health-care, construction or automotive markets... 'We never really left the country,' said Mark Pace, the chief executive and co-owner of Dentaurum GmbH, which has done business in Iran for decades... 'No sanctions can last forever, and once they are lifted or relaxed, then we are already there, while others have to look for partners and start from the very beginning,' said Dentaurum’s Mr. Pace." (Wall Street Journal, "Small German Firms Hold Edge in Iran," 11/29/15)

"Bayway's chairman stated that the grain business with Iran is being stopped as the volume was not significant enough for Baway." (8/9/18)

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In June 2017 – “BayWa Company in Iran since sanctions era - Chairman of the German company BayWa said here on Monday that the company entered Iranian market during the imposed sanctions.”

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"Iran is about to open for business, and the world's grain traders are lining up. Food wasn't subject to sanctions, but the rules created enough difficulty to keep out many grain suppliers. Now, with world powers expected to lift restrictions as early as next year, new companies are entering the market. One example: BayWa AG, a German firm that recently shipped Russian grain and South American soybean meal to Iran... BayWa sent an executive to Tehran a week ago as part of a German trade delegation of 100. The Munich-based company plans to ship 250,000 metric tons of grains and oilseeds to the country this quarter." (Bloomberg News, "Grain Traders Eye Business in Iran as Sanctions Set to Ease," 11/9/15) 

"German aircraft engine maker MTU Aero Engines says it is in talks with several Iranian airlines for supplying maintenance services. 'MTU has great interest in supporting Iranian airlines with maintenance services,' Reiner Winkler told Euro am Sonntag weekly. The talks with Iranian companies, he said, are done in consultation with German and US export control authorities. 'In Iran, a lot of Western-manufactured aircraft engines are in use which have an elevated demand for maintenance,” he added.'" (Press TV, "German aircraft engine maker in Iran talks," 8/1/2015)

Fuchs participated in the Iran Oil Show 2016 in May. (Tehran Times, “Global giants to participate in Iran Oil Show,” 5/1/2016).

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"An Iranian company has signed a cooperation agreement with Germany's Fuchs Petrolub, the world's largest independent manufacture of lubricants, to produce grease. Sepahan Oil Company (SOC)'s technical cooperation agreement envisages establishing a plant for manufacturing and supplying grease under the Fuchs license in the central Iranian city, the SOC said in a statement. The German company will work with the SOC as a consultant on transfer of technology for production of high-quality lubricants." (Press TV, "Fuchs Lubricants to produce grease in Isfahan," 10/20/15)

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The manufacturing company has maintained a presence in the Iranian market since 2004 through its subsidiary, Fuchs Lubricants Iranian Co. (“FLIC”).