TEHRAN – Germany’s Siemens has signed a contract with Lordegan Petrochemical Company of Iran to manufacture equipments for the petrochemical complex.

Two other European firms have conducted related technical and engineering services and construction of the complex is now complete by 15 percent, the Islamic Republic of Iran News Network reported on Monday.

It is estimated that the complex would come on stream at the cost of €360 million to produce 1 million tons of ammoniac and urea per year.

Oil reserves in Iran rank third-largest in the world at approximately 136 billion barrels as of 2007. This is roughly 10 percent of the world's total proven petroleum reserves. Iran is the world's fourth-largest oil producer and is OPEC's second-largest producer after Saudi Arabia.

Iran has the world's second-largest reserves of natural gas (15% of the world's total). It contains an estimated 974 trillion cubic feet in proven natural gas reserves. About 62% of these reserves are located in non-associated fields