TEHRAN – Iran and Sweden highlighted energy and petrochemical as the two sectors which are most appropriate for the expansion of economic ties between the two countries.

Iran’s Oil Minister Bijan Namdar Zanganeh met with visiting Sweden’s Minister for Enterprise and Innovation Mikael Damberg in Tehran on Sunday.

During the meeting, Zanganeh referred to petrochemical, fuel conservation, and manufacturing of equipment and machinery as the major areas for boosting economic relations between Iran and Sweden, according to the Shana news agency.

Iran provides petrochemical products at the lowest price and through the easiest accessible ways to the region, the oil minister highlighted.

Iran’s transportation fleet requires to be renovated and ten thousands of old trucks and buses should be replaced with new ones, Zanganeh noted, adding that such a situation can turn Iran into a large market for Swedish companies.

Also, in a separate meeting between Damberg and Iranian Energy Minister Hamid Chitchian, the Iranian minister said that the presence of Swedish companies in Iran’s water and renewable energy market can bolster economic ties between the two countries, the IRNA news agency reported.

The official said Swedish firms can cooperate with the Iranian Ministry of Energy in the treatment of water for drinking purpose in cities and villages as well as in the establishment of wastewater treatment systems in addition to water consumption management in Iran.

In the coming years Iran will rely on distributed generation and combined heat power (CHP) for electricity generation, he further announced.

The minister also put emphasis on the necessity of managing surface and ground water resources in Iran given drought the country is tackling.

Damberg, who arrived in Tehran on Saturday heading a business delegation to explore cooperation opportunities in the field of trade and investment, for his part named Iran the prioritized market for his country in the Middle East.

He said Swedish companies are ready for any type of cooperation and investment in the solar, wind and hydroelectric energies as well as water and wastewater in addition to electricity projects in Iran.

European firms are racing to secure business opportunities in Iran after Iran and the P5+1 group of countries reached an agreement over Tehran’s nuclear program in the Austrian capital of Vienna on July 14. 

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CAP: Iranian Oil Minister Bijan Namdar Zangeneh (Right) visits Sweden’s Minister for Enterprise and Innovation Mikael Damberg

Iranian Energy Minister Hamid Chitchian (Left) in a meeting with Mikael Damberg