News

Siemens' (SIEGn.DE)
decision to wind down business with Iran found few followers
among German companies on Wednesday, despite mounting pressure
to cut ties over the Islamic Republic's sensitive nuclear work.

While some sectors such as machinery and banking are already
seeing a decline in business with Iran, others are seeking new
trade there, including some keen to tap Iran's hold on the
world's second-largest natural gas reserves.

"In the interest of security of supply for Germany and
Europe we are in talks with many producers of natural gas,
amongst others Iran," a spokesman for energy group E.ON's
(EONGn.DE) gas unit said, reiterating the company's stance.

No German companies are exploring for oil in Iran, which
remains a net importer of gas given its creaky infrastructure.

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