TEHRAN, Aug. 15 (Xinhua) -- Iranian Sepahan Oil Company and German ADL Group on Wednesday signed an agreement on cooperation in downstream crude oil sector, official IRNA news agency reported.
The agreement envisages the transfer of engineering technology by the German group to improve the quality of the basic materials used for producing oil for the industry and cars.
"This contract is important as it comes concurrent with the mounting pressures of the United States," Mohammad Ebrahimi, managing director of Sepahan, was quoted as saying.
The ADL Group will implement the first phase of the project in collaboration with its Austrian and Swiss partners, Ebrahimi said.
The Iranian companies will later get engaged in the second phase of the project, he added.
With the acquisition of the engineering technology through the project, Iran will turn its exported raw material of paraffin wax into products with added value, Ebrahimi noted.
