German Linde Group has received green lights from Euler Hermes, a credit insurance company to become the greatest contractor of Iran’s LNG projects.

New round of Iranian officials and Germany’s Linde Group sat to discuss the LNG projects. The former had signed a deal to provide technical support for Kian Petrochemical Complex earlier and signaled its participation in country’s greatest petrochemical projects during new round of talks with the Imam Khomeini Petrochemical Complex.

New investments, technology transfer, training, and research and development projects constituted the topics of discussion. The new rise in German company’s willingness is attributed to assurances Euler Hermes Credit Insurance Co., which would provide insurance coverage to enterprises acting in Iranian setting, which would have been impossible without provisions of JCPOA.

Currently, Iranian Petrochemical Industries Co. is engaged in hectic negotiations with German banks to open a credit line worth of € 3bn to finance its highly crucial projects. In the first 11 months following JCPOA, German giants in industry, and tech, including Siemens, had commissioned with Iranian officials to participate in selling machinery and rotating facilities, investing and joint ventures with Iranian native companies.

Iran paid its debt to the German Euler Hermes credit institution, Islamic Republic’s ambassador to Berlin said, IRIB news reported on Sunday.

“There are no more barriers on the way of German banks and companies’ cooperation with Iranians,” Ali Majedi said, “and the company will offer insurance to Iran as of Tuesday.”

As reported, Iran owes Germany about €500 million ($578.90 million) under so-called Hermes covers.

Hermes cover is a common way of referring to an export credit guarantee (ECG) by the German government. These guarantees are an important part of German foreign trade policy and protect German companies in the event of non-payment by foreign debtors. The export credit guarantees of the Federal Republic of Germany offer an array of insurance options which are mainly targeted at exports to developing countries and emerging markets.

Iranian banks and companies faced difficulties for transferring money during the sanctions’ era and foreign credit insurance agencies had to cover Iranian banks’ and companies’ due payments and now the government  has to settle all the outstanding debts to foreign firms.

Debts to foreign insurers like Sace and Coface and Hermes had stopped them from opening new credit lines for Iran.