FRANKFURT: German industrial group Siemens is stepping up its efforts to win projects in Iran, after its chief executive met Iran’s oil minister and other government representatives in Tehran.

“We want to pick up where we left off,” Siemens said in a statement, citing its engagement in Iran since 1868, especially in the energy sector and rail transportation.

“We see great pent-up demand.”

Siemens stopped doing new business in Iran in 2010 but last month signed deals to work on Iran’s railway infrastructure worth up to 1.5 billion euros ($1.7 billion) in anticipation of Western sanctions against Iran being lifted. (Full Story)

“We never left the country and stand by our commitment also in difficult times, always compliant with international regulations. We’ll now be stepping up our efforts toward continuing this long tradition,” Siemens said.

Iran sits on one of the world’s largest gas reserves.