Iran's Persian Gulf Petrochemical Industries Company (PGPIC) and Germany's Siemens have signed a letter of intent to broaden their cooperation.
The memorandum was signed on Tuesday on the venue of the annual Iran Oil and Gas Show in Tehran. The memorandum would upgrade the nature of their relationship from seller-buyer to trade partnership.
It was signed by CEOs of the two companies.
"The message of this MOU is that our relationship with Siemens would no longer be limited to commodity purchase; rather the two companies would cooperate in such domains as maintenance and upgrading the quality of products," Jaafar Rabiei, CEO of PGPIC, said.
"Iran's petrochemical industry will have long-term cooperation with Siemens. In the past, cooperation with Siemens was based on separate agreements and in case we needed identical products we had to go through the same lengthy process," he added.
"That would help reduce the price of foreign commodities. We can also link domestic companies with big international firms," said Rabiei.