Austrian President Heinz Fischer arrived in Tehran on Monday at the head of leading business delegates to review potential trade relations with the Islamic republic, reported UPI.

One of these companies was Austrian oil and gas giant OMV, which had already been in talks with Iran over returning to the country with the removal of sanctions.

According to Press TV Iran’s deputy petroleum minister for international and trade affairs, Amir-Hossein Zamaniniya, said that OMV had announced readiness to provide Iran with Improved Oil Recovery (IOR) and Enhanced Oil Recovery (EOR) technologies, for both oil and gas fields.

“OMV has voiced readiness to double the recovery rate at Iran’s oil and gas fields by using modern technologies,” Zamaniniya said.

A consortium led by Austria’s OMV is also pursuing the Nabucco project to pipe natural gas to Europe, which was sidelined in 2008 due to sanctions and other complications.